Report: Developers plan 60% less office space in Bucharest delivered next year
Almost two-thirds of the 300,000 square metres of new office spaces to be delivered this year are pre-rented already, according to “Bucharest office market snapshot” report, published by real estate consulting firm Avison Young, quoted by Bursa.
Still, the developers have significantly reduced, by 60% to 115,000 sqm, the volume of deliveries planned for 2022.
The stock of offices in Bucharest will thus reach 3.5 mln sqm.
At the end of the second quarter of 2021, the vacancy rate of office buildings rose to 10.5%, over 30 basis points higher compared to the first quarter of 2021.
The Barbu Vacarescu - Floreasca area has a stock of vacant offices of about 7%, while in the Central and Eastern area, the level of unoccupied offices is almost 12%.
In the Victoriei-Aviatorilor area, the degree of vacant office space is close to 5%.
Regarding the rental price, there were no changes for the class A office spaces located in Bucharest. The price of rent per month remains at 19 euros per square meter, and depending on the rental term and the size of the rented area, the actual net rents are lower by 15-25%.