In the first quarter of 2019, the total stock of office space in Bucharest exceeded 3 million sqm. In terms of new supply, three office projects were completed, with a total GLA of 92,000 sqm. Demand continued to be strong, with pre-letting activity accounting for 35% of the total volume transacted. Prime rents are expected to remain stable going forward.
In Q1 2019, demand for modern office space in Bucharest was of 107,000 sqm. Net take-up represented 79% from the total volume recorded and consisted mainly of pre-leases and new operations. West and north areas attracted the largest share – approx 80% of the net take-up.
The most active occupiers were companies from Technology and Telecommunications sector – 53% from the total take-up, followed by companies from Financial sector.
Main transactions in Q1 2019
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.
Main Projects to be delivered in 2019
The main Bucharest office areas benchmark
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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 […]
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