Office Furniture Market is expected to grow in 2014

The office market in Bucharest registered in the first half of the year rent transactions of 132,500 sq. m in Bucharest, with 8.6% growth compared to the similar period of last year, said recently the representatives of Activ Property Services.

The players in the field estimate a slight growth could be also registered next year.

In this context, the businesses involved in office equipment are also expected to grow. ”Regarding projects based on contracts, we estimate the office furniture market value at EUR 25 million and the fit-out at EUR 18 million. We estimate a 5% growth for 2014. We do not have information regarding the office furniture sold by retailers”, says Tudor Chindea, Sales Manager within the office furniture import company COS.

According to him, after several years when the budgets designated for office spaces fit out were small, the companies have understood that working in unfit environment could seriously harm the employees’ productivity and talents retention.

”Even if the companies are still concerned with real estate costs, they have discovered with the help of consultants that they could optimize the space. Therefore, the next year’s trends include the integration of new concepts proposed for interiour design, concepts that could gain important square metres – up to 10-30% from the work space, and the attention paid to the employees’ welfare and their working together”, Tudor Chindea also says.

Regarding the office market at a general level, in 2013 compared to 2012, according to Activ Property Services’ latest numbers, new rentals represented 59% (H1 2013) compared to 34% (H1 2012), pre-leases  4% (H1 2013) compared to 39% (H1 2012), and the renegotiations 31% (H1 2013) compared to 15% (H1 2012).

Considering the most requested office areas in 2013, they were represented by areas under 1,000 sq. m, but almost 70% of the total rented area was represented by large transactions, with areas between 1,000 and 5,000 sq. m.