The first quarter of 2022 saw a delivery of a bit over 70,000 square meters in new modern office spaces in Bucharest, taking the overall stock closer to 3.3 million square meters, says Colliers.
Although the demand figures are still well behind the pre-pandemic peaks, 2022 had a decent start in terms of leasing activity in Bucharest, with total demand up by nearly 15% over a year earlier.
The major additions that have raised Bucharest’s modern office stock close to 3.3 million square meters were Oslo and London buildings, part of the Sema Parc project (31,500 square meters).
Forte Partners’ Tandem (21,000 square meters) and the first building in Atenor’s @Expo project (21,000 sqm) follows.
The first quarter saw two notable entries on the local market, who opened shared service centers in Bucharest: Booking.com and Ford.
Furthermore, several companies are set to enter or to materially expand their local presence here in the following period.
Colliers’ consultants estimate that the 16.5% vacancy rate recorded at the end of 2021, and most likely still valid in the first quarter of 2022.
In terms of rents, Colliers’ consultants estimate that effective rents are still, on average, some 10-15% lower than they were before the pandemic, though incentives have been clearly on the rise.
Consultants estimates that around 130,000 square meters of new modern offices could be delivered this year, with a total of roughly 360,000 square meters for the 2022-2024 period.