In the second quarter of 2019 five new office projects were completed, with a total GLA of 100,000 sqm, of which around 55% being already pre-rented. In this quarter some companies opted to maintain their current office space, the expansion and renewal transactions adding up to 39.000 sqm.
In Q2 2019, demand for modern office space in Bucharest was of 90,000 sqm. Net take-up represented 67% from the total volume recorded and consisted mainly of pre-leases and new operations. North and downtown areas became once again the most attractive ones, with approx 75% of the net take-up.
The most active occupiers were companies from Technology and Telecommunications sector – 42% from the total take-up, followed by companies from Manufacturing, Medical&Pharma and Financial sectors.
Main transactions in Q2 2019
By the end of 2019, over 300,000 sqm of modern office space is forecasted to be completed. Due to the high number of office projects under development, rental levels are forecasted to remain stable. Demand for quality office space is projected to follow the same positive trend going forward.
Main Projects to be delivered in 2019
The main Bucharest office areas benchmark
The market best practice and our recommendations
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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 […]
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, […]