Bucharest Office Market Snapshot in the Third Quarter of 2021

A market study by Esop regarding the office market in Bucharest in the third quarter of 2021

  • In Q3 2021, in Bucharest, was rented a total area of 79,270 sqm of office spaces
  • By the end of 2021, over 100,000 sqm of modern office space is forecasted to be completed

Download the ESOP study Office Market Snapshop Q3 2021

Deliveries

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.

Main Projects Delivered up to Now in 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

Occupier focus

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.

Outlook

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 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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