For the year 2023, the delivery of only approx. 153,000 square meters of high-class office space.
The pace of construction of office buildings has slowed down significantly in Bucharest in recent years, and 2022 was the first year in which this was visible. Some of the scheduled multiphase projects have postponed the development of the final phases so that by the end of 2022, the delivered area will be 107,000 sqm, a decrease of approx. 55% compared to the average deliveries of the last 3 years.
The distribution of deliveries by area in 2023 will be quite balanced, with 35% of the new spaces in the Center-North area, 23% in the Center-South and 22% in the Center-West area.
The largest project in terms of size is located in the Center-South area and is the 2nd building of the U-Center complex.
Its completion is expected for the second half of the year. The building will have a rentable area of 35,000 square meters and the standards already applied in the first building, for which the LEED Platinum and WELL Health&Safety certifications were obtained. In addition to the high-performance BMS system, the air conditioning system with improvements according to post-pandemic requirements and visitor guidance technology, the building also has a dynamic parking allocation system, which increases the efficiency of use by over 40%.
The first building delivered in 2023, right in the first month of the year, is the 2nd phase of the ONE Cotroceni project, located in the Central-Western area.
With an area of 34,000 sqm for rent, ONE Cotroceni II will offer high-performance office spaces with low energy consumption, at the level of LEED Platinum and WELL certification, as well as a good allocation rate of parking spaces.
Two office buildings will be completed in the Expozitiei area in 2023. Located near other modern office projects, such as City Gate, S-Park and Bucharest Business Park, they will continue the development of one of the main business poles in Bucharest, where many prestigious companies have their headquarters.
Building A within the @Expo complex will mark the finalization of the project, with buildings B1 and B2 being completed this year. It will have a total of 28,300 sqm of Class A lettable office space, pre-certified BREEAM Excellent. @Expo building A will have bicycle parking, electric car charging stations, sensor-based and LED lighting, and shops and service spaces on the ground floor.
The Muse project can also be found in the Presei Square – Exhibition area.
It will be completed in the first half of 2023 and will have 7,000 square meters of class-A office space, on the ground floor, six floors for offices and three basements with 150 parking spaces. Muse will have a modern design, with a glass curtain with variations in transparency and large terraces.
In the Barbu Vacarescu area will be completed one of the projects under construction, which started in 2016. The Equilibrium II building will have a total of 19,386 square meters. The office spaces will be A class and a special signature of the project is the large green space in front of the two office buildings, which allows spending more time outdoors, for networking and relaxation. In this green, vibrant area, Wi-Fi coverage and urban furniture suitable for outdoor work are provided. Equilibrium also benefits from bicycle parking, changing rooms, a bicycle rental point and electric car charging stations.
Downtown, the delivery of some small boutique buildings is expected, as well as a reconversion project.
Among the new buildings, for now only the Arghezi 4 building has a delivery deadline set for 2023.
Arghezi 4 will be a boutique building, with an area of 7,533 square meters, with seven levels for offices, a commercial ground floor and three underground levels with 100 parking spaces. Located near the Universitatii Square and the Old Center, the building is perfectly positioned to have access to all types of public transport, restaurants and cafes for business meetings or after-hours, shopping and recreation locations.
Among the building’s facilities, we mention the BMS system, the charging stations for electric cars, the facilities for cyclists (parking, changing rooms, showers), a terrace on each floor and the private garden.
On the boulevard I.C. Bratianu, the conversion of a historic building with eight levels and 2,300 square meters is underway and will be finalized. Consolidated and completely renovated, with modern finishes and large spaces that allow partitioning according to the needs of the tenants, it is recommended to companies that desire a downtown headquarters, in a building with visibility and immediate access to both the means of public transport and the objectives and the facilities offered by the historical center of Bucharest.
On the terrace of the top floor, which benefits from a panoramic view of the entire center of Bucharest, there is a generous space for a sky bar. Being directly connected to the pulse of the capital is an ideal location for such a space.
Overall, however, 2023 remains a year with a low level of new office spaces to be delivered, and the few available office projects to be in a privileged position, despite the impact of hybrid work.
Founder Partner of ESOP Consulting CORFAC International, coordinator of the Corporate Office Spaces division, with 18 years of experience in real estate consulting and entrepreneurship.
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