The Office Market in Bucharest in the 1st Quarter of 2024

THE TRADING LEVEL IN Q1 2024

In Q1 2024, a total area of 87,316 sqm of modern office spaces were rented in Bucharest, of which approx. 52,000 sqm, representing 60%, were Renewal & Renegotiation transactions in the current premises, while 35,000 sqm, meaning 40% were (Pre) Lease & Expansion transactions.

The most sought-after area of Bucharest was Center-North, with 51% of companies preference for renting new spaces, followed by the Downtown area with 19%.

Download the complete study ESOP_The Office Market in Q1 2024

The quarterly evolution of (Pre) Lease & Expansion transactions between Q1 2023 – Q1 2024

Compared to the previous quarter (Q4 2023), the (Pre)Lease and Expansion transactions were at a significantly lower level, with approx. 37%, but compared to the same period of the previous year, they registered a slight increase of 12.5%.

(Pre) Leases si Expansions in Q1 2024, by field of activity

The most active tenants in Bucharest in the first quarter of 2024 were the companies from the Public sector with 16% of the newly leased area followed by the companies from the IT&Communication sector with 13%, and Manufacturing&Industrial with 12% of the leased area.

(Pre) Lease and Expansion transactions in Q1 2024 by surfaces

Approx. 70% of the transactions involved surfaces between 1,000 – 5,000 sqm.

The main transactions in Q1 2024, in Bucharest

Company Surface
(sqm)
Building  

Area

 

Location

GOODYEAR 4,000 Floreasca Park Center-North Barbu Vacarescu
BGS 1,720 AFI Tech Park Center-West Academiei
HTSS 1,680 J8 Office Park Center-North Expozitiei-Jiului
REGINA MARIA 1,500 Baneasa Airport Tower Center-North Baneasa
MSD 1,400 Ana Tower Center-North Piata Presei
SWIETELSKY 1,250 S-Park Center-North Piata Presei

NEW SPACE DELIVERIES. THE AVAILABLE SPACES

In Q1 2024 no new office project was delivered, and this year will record the lowest level of delivered office spaces, namely 16,000 sqm within the AFI Loft Project.

Although in 2024 a period of lull in the development of office buildings in Bucharest is foreseen, companies that are considering changing or expanding their headquarters have extensive areas in high-class office buildings already in use and have office spaces available.

Relocation opportunities in 2024

A special opportunity for companies evaluating relocation in 2024 is represented by the existence of “turnkey” office spaces, fully furnished, which are available for rent either from rental companies that have surplus areas or directly from the owners of the office buildings.

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!


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.



0% Tenant fee!
Thumb
500 - 15.552 sqm

AFI Loft

Cotroceni, Bucharest
  • 17,50€/sqm, negotiable
0% Tenant fee!
Thumb
214 - 25.000 sqm

AFI Tech Park Bucharest

Razoare, Bucharest
  • 12 - 13€/sqm, negotiable
0% Tenant fee!
Thumb
260 - 14.000 sqm

J8 Office Park Bucharest

Presei Libere, Bucharest
  • Price on request!
0% Tenant fee!
Thumb
180 - 17.880 sqm

Floreasca Park

Barbu Vacarescu, Bucharest
  • 15,50€/sqm, negotiable

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