The Office Market in Bucharest in the 3rd Quarter of 2024

by Mirela Raicu
9 October 2024
Real Estate Reports
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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 & Expansions, by Area

The most sought-after area in Q3 was Center-North, with 50% of companies’ preferences for renting new spaces, followed by Center-West and Downtown, with 26% and 10% respectively.

(Pre) Leases & Expansions in Q3 2024 by field of activity

The most active tenants in Bucharest were the companies from IT & Communication field with 38% of the newly leased area, followed by companies in Financial Services with 13% and Consumer Goods with 12% of the newly leased area.

The (Pre)Leases and Expansions segment was quite stable in the first 9 months of the last three years, the volume of the net take-up having close values, while the Renewal / Renegotiations transactions had quite large fluctuations from year to year.

Main Transactions in Q3 2024, in Bucharest

NEW SPACE DELIVERIES. THE AVAILABLE SPACES

In Q3 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.