Bucharest Office Market Snapshot in the First Quarter of 2021

An Esop Consulting office market study for Bucharest in the first quarter of 2021

  • the demand for modern office space in Bucharest was 52,000 sqm
  • 73% of the spaces were rented in the Central-North area

Download the ESOP study_Office Market Snapshop_Q1 2021

Overview

In the first quarter of 2021, two office buildings were completed in Bucharest, Campus 6.2 and Matei Millo Novotel Offices, with a total leasable area of 29,700sqm, both being part of multiphase projects. The Campus 6.2 building was fully pre-rented and furbished according to the tenants’ specifications and the building on Matei Millo was, at the time of delivery, 80% rented.

Occupier focus

In Q1 2021, in Bucharest, was rented a total area of 52,000sqm of modern office spaces, out of which 32% was represented by the renewal of lease contracts in the current premises and 68% net take-up (newly contracted offices and expansions in the existing ones).

The most sought-after area was the Central-North one, with 73% of the companies’ preferences for renting new spaces.

The most active tenants were companies in the IT&Communication sector with 46% of the net take-up, followed by companies in the Financial Services and Construction&Real Estate sectors, each with 10% of the leased area.

Main Transactions in Q1 2021

Main Projects to be delivered in 2021

Area Project Name Delivery Surface (sqm) Location
CENTRAL-WEST Campus 6.2 S1 2021 20,600 Grozavesti
ONE Cotroceni Park – Phase 1 S2 2021 46,000 Cotroceni
Sema Parc – Oslo Building S2 2021 21,300 Splaiul Independentei
Sema Parc – London Building S2 2021 10,200 Splaiul Independentei
CENTRAL-NORTH Globalworth Square S1 2021 30,800 Barbu Vacarescu
J8 Office Park – Buildings A and B S2 2021 46,000 Piata Presei
CENTRAL-SOUTH U-Center – Building A S2 2021 32,800 Tineretului

Outlook

By the end of 2021, over 290,000 sqm of modern office space is forecasted to be completed.

The map shows the rent levels by class in the main business areas. During the year, some adjustments might take place.

ESOP Partners In Time

ESOP’s portfolio includes, in addition to office buildings for rent in Bucharestoffice spaces for sale in Bucharestindustrial parks and warehouses for rent, as well as office spaces for rent in the main cities of the country.

If you would like more information, please contact the ESOP team by filling this brief form, or by phone (+4) 0723.26.61.97 or (+4) 021.528.04.40. We’ll promptly answer your inquiry!


Alexandru Petrescu

Founding Managing Partner of ESOP Consulting | CORFAC International with 20 years of experience in real estate consulting and entrepreneurship.

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