- 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 industry had clearly led the office market in Q3 2023, with 52%
Download the ESOP study_Office Market Update _Q3 2023
OCCUPIER FOCUS
Total Volume of Transactions
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.
From this, (Pre)Leases & Expansions represented 35%, and the remaining 65% was represented by Renewal/Renegotiation transactions.
(Pre) Lease & Expansions, By Area
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, followed by the Center-North area with 30%.
(Pre) Lease & Expansions, By Industry
The IT&C industry had clearly led the office market in Q3 2023, with 52% of the newly leased areas, increasing compared to the first half of the year.
The Professional Services and Consumer Services & Leisure sectors followed with 15% and 11% of the leased area.
The Main Transactions in Q3 2023
Tenant |
Lease Area
(sqm) |
Building |
Area |
Adobe |
17,500 |
U Center 2 |
Center-South |
WNS GLOBAL SERVICES |
3,800 |
West Gate Park |
West |
THE HOME |
3,070 |
Victoria Park |
North |
VEOLIA |
3,000 |
Stefan cel Mare Office Building |
Center-North |
SEGULA TECHNOLOGIES |
2,030 |
U Center 1 |
Center-South |
NEW DIMENSIONS |
1,280 |
Orhideea Towers |
Center-North |
EUROWAG |
1,240 |
U Center 2 |
Center-South |
OFFICE DELIVERIES
In the third quarter of 2023, only one office building was put into use, namely U Center – Building B, with a total area of 32,500 sqm.
Main Office Projects to Be Delivered in 2023
OUTLOOK
Considering that for 2024 there will be highly limited new deliveries, as most initially planned projects have delayed the commencement of the construction works, office deliveries will be under pressure for the following 12-18 months. This will be compensated by a series of office spaces becoming available in existing buildings, where leases reach expiry dates and tenants renew a new cycle for a smaller size, in the context of the hybrid working systems.
Asking Rent Levels in Q3 2023
In Q3 2023, the asking rent level of several office buildings got slightly increased, due to the high inflation rate on the market. Please find below a general view of the market rents level in Bucharest, in Mid-2023.
ESOP Partners in Time
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.
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!