The Office Market in the Beginning of 2021

In 20 were delivered 157,000 sqm office spaces in business centers in Bucharest.

For 2021 is expected the completion of 290,000 of office space in business centers, and a roughly equal volume for 2022. Approximately 31% of the spaces due in 2021 are already pre-leased.

Download the market research The Office Market at the beginning of 2021

THE OFFER

In 20 were delivered 157,000 sqm office spaces in business centers in Bucharest. Some of the projects announced at the beginning of 2020 have been postponed for the following years, due to the restrictions imposed by the spread of the Covid-19 virus. For 2021 and 2022 are currently scheduled deliveries of approximately 290,000 sqm per year.

BUSINESS CENTERS DELIVERED IN 2020 IN BUCHAREST

The majority of the office building delivered in 2020 were grouped in the center-north area, with 60% of the total area put into use, and center-west with 24% respectively.

Main projects delivered in 2020

Project Name	Surface (sqm)	Area	Location
Ana Tower	35,600	CENTER-NORTH	Piata Presei
Globalworth Campus – Building C	28,000	CENTER-NORTH	Pompei
ONE Tower Floreasca	23,800	CENTER-NORTH	Floreasca
The Bridge III	20,200	CENTER-WEST	Grozavesti
Campus 6.3	17,600	CENTER-WEST	Politehnica
Zone 313	6,900	CENTER-NORTH	Barbu Vacarescu

ESTIMATED DELIVERIES IN 2021

For 2021 is expected the completion of 290,000 of office space in business centers, and a roughly equal volume for 2022. Approximately 31% of the spaces due in 2021 are already pre-leased.

MAIN PROJECTS EXPECTED IN 2021

Project Name	Surface (sqm)	Area	Location
J8 Office Park – Buildings A and B	46,000	CENTER-NORTH	Piata Presei
ONE Cotroceni Park – Phase 1	46,000	CENTER-WEST	Cotroceni
U-Center – Building A	32,800	CENTER-SOUTH	Tineretului
Globalworth Square	30,800	CENTER-NORTH	Barbu Vacarescu
Campus 6 – Phase 2	20,650	CENTER-WEST	Grozavesti
Sema Parc – Oslo Building	21,350	CENTER-WEST	Splaiul Independentei
Sema Parc – London Building	10,200	CENTER-WEST	Splaiul Independentei

THE REQUEST

In Bucharest, the volume of spaces traded in 2020 stood at approximately 186,000sqm. Due to the pandemic, the companies were more reserved in contracting new spaces, while the area for which the existing contracts were renewed or renegotiated remained at the level of previous years.

Most requests came from the IT & C, BPO, and SSC industry, adding up 30% of the total rented surface in 2020.

The sector of Professional Services also had an important share, with 16% of the rented area, the Financial one with 14% and the Medical & Pharma field with 10% of the rented area.

Main transactions in 2020

THE RENT

The rents requested for the upper-class office building in Bucharest remained in 2020 at the level of those in the previous year, manifesting, however, greater availability of negotiation from the owners.

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!