Bucharest Office Market Snapshot Q3 2019

Overview

In the third quarter of 2019, two new office projects were completed In Bucharest, with a total GLA of 59,000 sqm, of which around 78% is already pre-rented. The demand was high in other cities as well, 33% of the total net take-up being located in Cluj-Napoca, Timisoara and Iasi.

Download the Office Market Snapshop_Q3 2019 

Occupier focus

In Q3 2019, the demand for modern office space in Bucharest was 64,700 sqm. Net take-up represented 74% of the total volume recorded and consisted mainly of pre-leases and new operations. The North area was the preferred one, with 43% of the net take-up, followed by the downtown area with almost 29% of the leased surface.

The most active occupiers were companies from the Technology and Telecommunications sector – 40% of the total take-up, followed by companies from Construction & Real Estate, FMCG and Professional Services.

Main Transactions in Q3 2019

Main Projects to be delivered in 2019

Outlook

By the end of 2019, over 300,000 sqm of modern office space is forecasted to be completed. Due to the high number of office projects under development, rental levels are forecasted to remain stable. Demand for quality office space is projected to follow the same positive trend going forward.

ESOP’s portfolio includes, in addition to business parks 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.

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!