Bucharest office market up 7% yoy in 2019 driven by new deals
The volume of office rental transactions (new deals and renewals) in Bucharest reached 385,800 sqm in 2019, up 7% compared to the previous year, Profit.ro reported.
The market will keep growing, with the customers particularly interested in the quality of the spaces, proximity to the subway, facilities and services offered by the new projects.
New leases drove up the market last year, reaching 308,000 sqm, up from 277,600 sqm in 2018. Renewals decreased slightly, to 77,800 sqm.
“2019 was a better year than the previous one, mainly due to the demand for offices that captured the opportunities offered by the market and kept up with the record deliveries of new buildings. New leases - rent, pre-lease or extensions - have crossed the threshold of 300,000 sqm, which is about 11% more than in 2018, above the general market pace. Pre-leases of large areas, of over 10,000 sqm, exceeded 80,000 sqm and 25% of the total transactions with new spaces," said Alexandru Petrescu, Managing Partner at ESOP Consulting l CORFAC International.