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Articles - piata de birouri

Tenants continue to dominate the office market, although in some areas of Bucharest, there remains a trend toward a more landlord-friendly market

Trading activity in the office market slowed in the third quarter of this year, mirroring trends from 2021-2022. Total demand for modern leased office space in Bucharest dropped by 25% to 236,000 square meters compared to the same period in 2023. New lease demand reached 82,000 square meters, reflecting an 11% decrease year-on-year, according to Colliers data.

Reluctant investors in the year with the highest take-up ever

Real estate investment transactions amounting to more than €600 million are currently in advanced stages of negotiation, as the volume registered throughout 2023 could be matched in the first half of this year, according to data from the Cushman & Wakefield Echinox real estate consultancy company. Ongoing negotiations target office buildings (30% of the value above), retail projects (30%) and logistics parks (40%), with around half of the assets being located in Bucharest.

In 2024, the focus in real estate will be on refinancing and lease renegotiations. What alternatives do companies that want a new office space have

Property refinancing will be key to the evolution of the real estate investment market in 2024, and ESG will be the differentiator between office buildings in the competition for tenants, according to an analysis by real estate consultancy company Fortim Trusted Advisors, member of the BNP Paribas Real Estate Alliance. In terms of type of investors, most will be local or from the CEE region.

The office market in the first three months of 2023: Bucharest attracts three quarters of the demand, followed by Timișoara, Iași and Cluj-Napoca

The largest modern office market was in Bucharest, where companies leased 75% of the total office space traded in the first quarter of the year, according to a study by Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance. The rest of the office transactions were registered in Timișoara, Iași and Cluj Napoca.

3 trends that keep the office rental market high in 2023

The strategies of companies to return to the office, amid increased inflation and the advantage of the large number of workplace facilities, lifted the office space rental market in 2022, registering a growth of 5% compared to 2021 and 20 % compared to 2020.

In 2022, Companies Rented New Offices for 27,000 Employees in Bucharest

In total, in Bucharest, 332,922 sqm were traded, new office space rentals and renegotiations. The demand for new office space increased by 13% in 2022 compared to 2021, according to the analysis by Fortim Trusted Advisors, a member of the Paribas Real Estate BNP Alliance.

Office market under pressure at the end of Q3

The office market is going through a period of stagnation, recording demand values similar to those of 2021. Deliveries of office space have slowed down and will remain at a low level in 2023, according to JLL.

Bucharest office market Q2: Reduced deliveries and inflation put pressure on rent; Center-West area has become the main office hub

There has only been one office delivery in Q2 2022 in Bucharest, namely the second building (25,000 sq. m GLA) of the AFI Tech Park project located in the Center – West submarket, with the total office stock in Bucharest reaching 3.3 million sq. m. This delivery pushed forward the Center-West area to first place in the top Bucharest office hubs, the stock of 579,600 sq.m overtaking Floreasca – Barbu Vacarescu area, which sums up 569,700 sq.m, according to data from the Cushman & Wakefield Echinox real estate consultancy company.

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