Office market in Bucharest regains its strength gradually

The total leasing volume in Bucharest in the first quarter of the year (Q1) amounted to nearly 65,000 sqm - similar to that traded in the same period last year, but 10,000 sqm more than in Q1 2020, according to research data from Crosspoint Real Estate.

However, tenant interest remains moderate compared to the years before the COVID-19 pandemic, when the lease volume exceeded 70,000 sqm in 2018 and 80,000 sqm in 2019.

According to Google Mobility Report, workplace attendance in Bucharest - in mid-May 2022 – was 23% lower than in the pre-pandemic period. Although attendance gradually rose from -62% in April 2020, it remained below the level recorded in January-February 2020. This drop comes mainly from office employees who are still working from home or choosing the hybrid model.

According to Metrorex data, subway traffic has been on the rise since the beginning of the year, with over 12 million trips in March, only 2 million fewer than the monthly average recorded before the pandemic.

As reported by the Google Mobility Report, the presence of passengers in public transportation stations in Bucharest is also increasing, although still lower than the one recorded in early 2020.

Furthermore, in accordance with TomTom traffic reports, the car traffic in Bucharest in May of this year exceeded, during rush hour, the levels recorded in the same period of 2019.

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