Top Modern Office Areas at the End of 2021

The center-north pole has exceeded 1.5 million square meters, and the center-west area has less than half of this surface.

Most modern A-class office spaces are located in the Central-North business hub (Aviatorilor, Floreasca, Expoziției), which has exceeded the 1,500,000 sqm threshold, according to the monitoring carried out by ESOP Consulting l CORFAC International.

On the second place in the top is the Center-West area (Politehnica, Orhideea, Cotroceni, Răzoare), with a stock of 679,597 sqm and on the third place the northern area (Pipera, Băneasa), with 328,218 sqm. In total, in Bucharest, there are modern, class A offices totaling over three million square meters, at the end of 2021. To these is added a stock of about 800,000 sqm of class B and B+ offices.

“Over 61% of the office spaces delivered in 2021 are in business-park projects, with multiple phases and only 39% of the spaces are in individual buildings. In 2022, 82% of the announced spaces are also in business-park-type projects. It is a natural trend, given the expansion of the city’s business areas, but also the size of the companies present on the Bucharest market, and we believe that this trend will continue, as long as large plots of land with easy access to the subway will be available. In the downtown area, developers specialized in the renovation and reconversion of historic buildings have reemerged, which adds quality and variety to the office space options in Bucharest”, says Alexandru Petrescu, Managing Partner at ESOP Consulting at CORFAC International.

This year, Class A office buildings totaling 286,876 sqm were put into use, most of them in the center-north area, where the first modern business hub of Bucharest was concentrated.

Next year, in the Capital, 38% less office space is planned for delivery, deliveries that can be furthermore reduced considering that 10-20% of the projects announced annually have some delays. Most of the offices will be inaugurated in the Center-West area, near the Bucharest Polytechnic University.

In 2021, new large-scale projects were promoted, such as J8 Office Park, U Center, @Expo and One Cotroceni Park, while standard parks were expanded, such as Campus 6.2 with new Class A office buildings, most of which were pre-leased from the construction phase. A number of independent properties were also delivered, such as Matei Millo Offices, Globalworth Square, Țiriac Tower, Dacia One, and Politehnica Business Tower.

In the projects delivered in 2021, tenants such as Wipro, Endava, Ubisoft, UP Romania, Banca Transilvania, Computaris, Euroins, Société Générale European Business Services have moved, as well as service and commerce companies at their ground floor such as Coffee Island, Stradale, Pain Plaisir, Mega Image, Mobile Vet.

More offices are under development in Sema Park London and Sema Park Oslo buildings, Tandem Building, AFI Tech Park II, as well as the spaces from the second stage from One Cotroceni Park and offices in the project @Expo will be completed in 2022. Expo. Among the tenants who have pre-rented space in them and will move next year are Gameloft and Telekom.

The evolution of office space deliveries, before the Covid pandemic, in parallel with the two years of restrictions, shows us that this year’s deliveries represent a record on the Bucharest market, exceeding 2019 and 2020.

What awaits us – 2022 will be the year in which the central-western area will be a star

Next year, the top of the areas where new office buildings will develop will change. In the Center-West, respectively the Politehnică, Grozăvești, Răzoare areas, new office spaces will be inaugurated, totaling 94,773 sqm, almost double of what is estimated for the Center-North.

In the Center-North are (Aviatorilor, Barbu-Văcărescu, Expoziţiei) the deliveries of new spaces will decrease by 60% in 2022, compared to this year.

In the downtown area, two boutique buildings will be inaugurated, totaling almost 20,000 square meters of new office space, meaning less than this year.

If you would like more information about the office spaces for rent in Bucharest, 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!

 


Alexandru Petrescu

Founding Managing Partner of ESOP Consulting | CORFAC International with 20 years of experience in real estate consulting and entrepreneurship.

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