The Office Market in the beginning of 2020

In 2019, 295,000sqm of office space were delivered, increasing by 54% compared to the area delivered in 2018.

For 2020, it is expected to complete more than 265,000 sqm of office space in business centers, while for 2021 a total volume of 386,000 sq m is announced. Approximately 52% of the spaces that will be delivered in 2020 are already pre-rented.

In Bucharest, the volume of spaces traded in 2019 continued the growth from recent years, standing at a level of approx. 386,000 mp.

Download the report The Office Market at the beginning of 2020

THE OFFER

In 2019 were delivered 295.000 sqm office spaces, out of which over 200.000 sqm in multi-phase projects, a 54% growth from the surface delivered in 2018. The pipeline for the next 3 years, 2020-2022, shows a good delivery pace, with an average estimated at around 300.000 sqm per year.

BUSINESS CENTERS DELIVERED IN 2019 IN BUCHAREST

The areas with the largest delivered surfaces remained, the same as in the previous years, center-west and center-north areas, with 42% and 38% out of the total surface.

           Main projects delivered in 2019

ESTIMATED DELIVERIES IN 2020

In 2020, more than 265.000 sqm office spaces in business centers are expected to be completed. These are followed in 2021 by another 385.000 sqm. Approximately 52% of the spaces due in 2020 are already pre-leased.

     Main projects expected in 2020

THE REQUEST

In Bucharest, the growth trend from previous years continued in 2019, reaching a total of aprox. 386.000 sqm rented in office buildings.

In 2019 a significant amount of the total rented space, over 100.000 sqm was totalized from few transactions over 10.000 sqm each.

Most requests came from IT & C, BPO and SSC industry, adding up 50% of the total rented surface in 2019.

The Financial Services sector also had an important market share with 17% of the rented space. The Construction & Real Estate sector, with 8% of the space remains an important source of demand.

    Main transactions in 2019

 

 

 

 

 

 

 

 

THE RENT

Rent levels by class in main business areas

 

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!