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
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.
Main Projects to be delivered in 2019
The main Bucharest office areas benchmark
The market best practice and our recommendations
If you want to get the best market PRICE/QUALITY ratio, take your time to properly run the relocation process
in this way you benefit for the best opportunity on the market
the sooner you start the information and searching process, the more you keep the benefits of your side and having a strong negotiation position.
If you want to stay in the current location, run the relocation process as if you wanted to move 100%. Make it not fake it.
in this way you empower your negotiation position with current landlord
running this process helps a company to be in a position to make an informed and assumed decision
Run relocation or renewal process through ESOP:
17 years market practice, entrepreneurial approach, cost – efficient attitude.
access to market practice and similar transactions carried over time and currently
over 700 business centers in our the largest property database in Bucharest
Founder Partner of ESOP Consulting CORFAC International, coordinator of the Corporate Office Spaces division, with 18 years of experience in real estate consulting and entrepreneurship.
2023 OVERVIEW 2023 brought deliveries of 130,700 sqm to the office market, which represented a 22% increase compared to the previous year. At the same time, however, compared to the average deliveries in the last 5 years (228,000 sqm), 2023 recorded a decrease of 43%. ✓ 68% of the 2023 deliveries took place in the […]
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. […]