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.
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.
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. […]
107,000 sqm of office spaces delivered in 2022, 60% less than in 2021 and almost 50% less than the 5 years deliveries average Over 93% of spaces were delivered in the 1st Semester (approximately 100,000 sqm) 90% of the new spaces are in office buildings that are part of business parks For 2023 and 2024, […]