The Bucharest Office Market in the 1st Quarter of 2023

  • 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.

Download the ESOP study_Office Market Snapshot_Q1 2023

Occupier focus

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.

Main transactions in Q1 2023

Main Projects to be delivered in 2023

Area Project Name Delivery Surface (sqm) Location
CENTRAL-NORTH Equilibrium 2 S1 2023 19,400 Barbu Vacarescu
@EXPO – Building A S1 2023 28,300 Piata Presei
Muse S1 2023 7,000 Piata Presei
CENTRAL-SOUTH U-Center  B S1 2023 35,000 Tineretului
CENTRAL-WEST ONE Cotroceni Park 2 S2 2023 34,000 Razoare
DOWNTOWN Arghezi 4 S2 2023 7,500 Universitate

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.

ESOP Partners

If you would like more information about the office spaces for rent in Bucharest, 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!


Mirela Raicu

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.

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