by Alexandru Petrescu 
A market study by Esop regarding the office market in Bucharest in the third quarter of 2021
Download the ESOP study Office Market Snapshop Q3 2021
In the third quarter of 2021, four office projects were completed in Bucharest: J8 Office Park with Buildings A and B, the first phase of U-Center – Building A, Globalworth Square and Politehnica Business Tower. All these projects totaled an area of approx. 120,000 sqm, representing a record level of deliveries – approx. 44% of the total estimated for 2021.
| Delivery | Name of the project | Surface (sqm) | Area | Location |
| Q1 2021 | Campus 6.2 | 20,600 | CENTRAL-WEST | Grozavesti |
| Q1 2021 | Matei Milo Novotel Offices | 9,600 | DOWNTOWN | Universitate |
| Q2 2021 | Tiriac Tower | 16,500 | DOWNTOWN | Victoriei Square |
| Q3 2021 | J8 Office Park – Buildings A and B | 46,000 | CENTRAL-NORTH | Presei Square |
| Q3 2021 | U-Center – Building A | 32,800 | CENTRAL-SOUTH | Tineretului |
| Q3 2021 | Globalworth Square | 30,800 | CENTRAL-NORTH | Barbu Vacarescu |
| Q3 2021 | Politehnica Business Tower | 9,800 | CENTRAL-WEST | Politehnica |
In Q3 2021, Bucharest was rented a total area of 79,270 sqm of modern office spaces, out of which 34% were represented by the renewal of lease contracts in the current premises and 66% net take-up (newly contracted offices and expansions in the existing ones).
The most sought-after area was the Central-North one, with 61.7% of the companies’ preferences for renting new spaces, followed by the Downtown area with 12% and the North area with 10.6%.
The most active tenants were companies in the Medical & Pharma and IT&C/BPO/SSC sectors, with 36% and 18% of the net take-up, respectively.
By the end of 2021, over 100,000 sqm of modern office space is forecasted to be completed, with the largest surfaces in One Cotroceni Park, phase 1 – 46.000 sqm, and MIRO – 22.850 sqm.
The map shows the rent levels by class in the main business areas. By the end of the year, some adjustments might take place.
ESOP’s portfolio includes, in addition to office buildings for rent in Bucharest, office spaces for sale in Bucharest, industrial parks and warehouses for rent, as well as office spaces for rent in the main cities of the country.
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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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