Up to now in 2022, within the first 9 months, there were delivered over 109,000 sqm in 8 buildings, namely 37% fewer office spaces than the prior year. In terms of location, more than half of the new office spaces delivered till now in 2022 were situated in the Central-West area, followed by the Central-North area, with 25% of the spaces.
Within the third quarter of 2022, only one office building was completed in Bucharest. The building, named H Tudor Arghezi 21, has almost 7,000sqm and is a complete renovation and reconversion project in the downtown area by HAGAG Development Europe. Having an exceptional position, right next to Universitatii Square, it offers modernly designed office spaces.
Main Projects Delivered within the first 9 months of 2022, by AREA
In Q3 2022 in Bucharest, a total area of 68,257sqm of modern office spaces was rented, out of which 45% was represented by the extension of the lease contracts in the current premises and 55% by the rent of new surfaces (newly contracted offices and expansions in existing ones).
The most sought-after area was the Center-West, with 53% of the companies’ preferences while relocating, followed by the Central-North area with 31%.
The most active tenants were companies in the Professional Services sector with 37% of the newly leased area, followed by companies in the IT & Communication sector, with 31% of the leased area.
Main Transactions in Q3 2022
By December 31, 2022, 3 new office buildings are expected to be completed, with a total surface of over. 43,000 sqm.
There is still a significant number of employees preferring to work from home, especially in IT & C companies. Yet transaction level is expected to gain momentum, as the last quarter of the year is historically speaking an active one.
Also, more companies implement various manners of hybrid working systems, implying a return to the office on average 2-3 days per week.
The map shows the rent levels in the main business areas. During the year, some adjustments might take place due to the negotiations between the tenants and the landlords.
In Q3 2023, the total volume of transactions on the Bucharest office market reached 165,480 sqm, close to the total for the first semester of the year. The most sought-after area in Q3 2023 was the Central-South one, which though only 5 transactions concentrated 37% of the volume of (Pre) Lease & Expansions The IT&C […]
In S1 2023, the total volume of transactions on the Bucharest office market reached 176,900 sqm. The most sought-after area in S1 2023 was the Central-North one, with 69% of the total (Pre)Lease & Expansions volume. The IT&C industry had clearly led the office market in S1 2023, with 35% of the newly leased areas. […]
The distribution of the tenants according to their sector of activity was very balanced in this quarter. The most sought-after area was the Center-North, with 71% of the companies’ preference for renting new spaces. At the end of the first quarter of 2023 in Bucharest, three office buildings were completed, with a total leasable area […]