by Alexandru Petrescu 
An Esop Consulting office market study for Bucharest in the first quarter of 2021
Download the ESOP study_Office Market Snapshop_Q1 2021
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.
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.
| 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
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Founding Managing Partner of ESOP Consulting | CORFAC International with 21 years of experience in real estate consulting and entrepreneurship.
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