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The first signs of a come-back for the Bucharest office market

The volume of leasing transactions on the Bucharest office market increased in Q1 2021 to 48,000 square meters, a 9% decrease from previous year.

Moreover, the share of pre-lease contracts increased from 20% to 46%, reveals the research data of the real estate consulting company Cushman & Wakefield Echinox.

In terms of deliveries, in the first quarter of 2020, there have been completed the Campus 6.2 buildings and Millo Offices, the two buildings having a total area of ​​almost 30,000 sqm.

In comparison, in the first quarter of 2020, new office spaces with an area of ​​79,000 square meters were delivered in Bucharest.

However, this year’s deliveries will be above the level of 2020 and by the end of this year another approximately 220,000 sqm of new modern office space are expected to be delivered.

The (leasing) commercial stock of office buildings in Bucharest reaches about 2.98 million square meters

Other buildings with an area of ​​approximately 150,000 sqm being occupied by the owners, while projects with a total area of 370,000 sqm are currently under construction.

In this context, the office spaces vacancy rate (contractual) is 13.5%, with a significant difference between A class (10.7%) and B class (22.1%) office buildings.

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