AFI Europe, the owner of the AFI Cotroceni Bucharest, will start a EUR25 million investment in the second office building of the AFI Business Park.
The new building will be developed on the land around the mall in the western part of the Romania’s capital.
The Israeli-held company has just completed its first office building, which has a lettable area of 11,000 square meters and decided to start work on another one, relying on the appetite for investment of IT companies. Half of the first building was rented by two IT companies, after all, Endava and Microchip, and by oil equipment manufacturer Cameron.
There is room on the market for good products at reasonable prices, believes David Hay, AFI Europe’s chief executive officer. He hopes to have the first building fully rented by yearend.
Other office space projects started on the Romanian market in the last three months include Pipera Business Park (EUR70 million) and Green Gate (EUR55 million), which means developers are answering demand from companies, which are hiring.
On the other hand, about 200,000 square meters of office space are still available in secondary areas of Bucharest.