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%.

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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!