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 of 60,325 sqm, of which 46% was already rented.
In Q1 2023 in Bucharest, a total area of 52,640sqm of modern office spaces was rented. 40% was represented by the extension of the lease contracts in the current premises and 60% by the rent of new surfaces (newly contracted offices and expansions in existing ones). The most sought-after area was the Center-North, with 71% of the companies’ preferences for renting new spaces, followed at a distance by the Center-West area with 13%.
The distribution of the tenants according to their sector of activity was very balanced in this quarter. The most active tenants were companies in the IT&Communication sector with 19% of the newly leased area, followed by companies in the Medical&Pharma and Energy sectors, with 14 and 13% of the leased area, respectively.
At the end of the first quarter of 2023 in Bucharest, three office buildings were completed, with a total leasable area of 60,325 sqm, of which 46% was already rented. Two of the buildings represent the second phase of multiphase projects, namely One Cotroceni Park 2nd phase and Equilibrium phase 2, and the Muse building is an independent development.
Outlook
By the end of 2023, the completion of office buildings with a total area similar to last year is scheduled, namely 153.000 sqm of office space.
The map shows the rent levels in the main business areas. During the year, some adjustments might take place due to the negotiations between the tenants and the landlords.
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.
The office market in 2024 continued to be influenced by the persistence of hybrid work models in numerous organizations, particularly in the IT&C sector. Additionally, there was a temporary stagnation in investment projects by both international and local companies, in the context of a fragile economic and geopolitical climate, both domestically and globally. Download the […]
THE TRADING LEVEL IN Q3 2024 Rent transactions by Category In Q3 2024, the total office area rented in Bucharest reached 78.590 sqm. Download the ESOP study_The Office Market in Q3 2024 Out of those, 48% were (Pre) Lease & Expansion transactions, while 52% were Renewal & Renegotiation transactions in the current premises. (Pre) Leases […]
THE TRADING LEVEL IN S1 2024 Rent transactions by category In S1 2024, the total office area rented in Bucharest reached 160.000 sqm. Of those, 54% were (Pre) Lease & Expansion transactions, while 46% were Renewal & Renegotiation transactions in the current premises. Download the ESOP study_The Office Market in S1 2024 (Pre)Leases & Expansions, […]