Colliers: About half of H1 office leases signed in Bucharest were renewals

Leasing activity in the Bucharest office market in the first half (H1) of 2024 saw new demand rise by 7% year-on-year, reaching 64,000 sqm, while total demand slightly decreased to 160,000 sqm, according to Colliers’ report on real estate market developments for the first six months. Contract renewals accounted for roughly 50% of transactions, driven by uncertainty over hybrid work.

Additionally, according to Colliers, there were two consecutive quarters without new modern office completions, and no deliveries are planned for the third quarter, marking the longest period without new office space since 2005.