C&W Echinox: demand on Bucharest office market segment to rise by 20-30% this year

The demand for office spaces in Bucharest will increase by 20-30% this year, given that a significant part of the large tenants have exceeded expectations and are actively evaluating the options for space optimization, according to Cushman & Wakefield Echinox consultants.

During 2020, the transactional volume decreased by 40%, up to 237,000 sqm, amid the Covid-19 pandemic that caused most companies to adopt remote work on a large scale, postponing as much as possible the decisions with medium and long term impact.

"The beginning of this year brought a higher volume of activity compared to the beginning of 2020 when almost no one could foresee the major impact of the Covid-19 pandemic. We are currently working on projects under construction involving more than 70,000 sqm in Bucharest and regional cities for some of the largest corporations on the local market," said Bogdan Bogatu, Director Office Agency, Cushman & Wakefield Echinox.

"In this context, we expect the transactional volume to increase substantially in 2021, by at least 20-30%, and to return above the 300,000 sqm level," he added.

(Photo source: Pixabay.com)