Bucharest sees emerging office submarkets
Note that this information is outdated.
Bucharest doesn't have a City, or a West End, but it has Baneasa, Pipera and Victoriei - areas which have started to become known to developers for certain types of real estate products. Analysts say Bucharest has started to develop its own submarkets, like any other large city which has witnessed the real estate rush. A newcomer easily finds out Victoriei is for prime office developments and prime tenants, while Pipera is more of a back-office area.
One of these emerging submarkets is set to be where the action is for the next two years, with several new office projects set for construction.
Land availability dictates office location
Submarkets are defined by their location in the city and a set of common features of the developments in the area. Jones Lang LaSalle has seen several emerging markets in Bucharest for office developments. The northern areas, Baneasa and Pipera have emerged as office submarkets in recent years. The western area of Bucharest, with office rents close to those in Pipera, is a newer addition to the office developments map.
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