“Due to the good location, Timpuri Noi can be a future area of interest for office building developers. It is a very good development area. There are many factories, it is close to Bucharest’s downtown, and close to the underground. In four-five years, it will probably be the next business centre in the central area of Bucharest,” the official told Business Standard.
Although there is potential on the office building investment segment in Bucharest, the financial crisis, on the one hand, and the local political crisis, on the other hand, have cut the appetite of investors for taking risks and continue or initiate projects on the office space segment. “The current market context discourages the initiation of new projects by developers. Practically speaking, in the first half of 2009, no new office project was launched, which will affect mainly the offer for 2010-2011,” said the BNP Paribas Real Estate representative.
