JLL warns of tight office market in Bucharest after 2023 amid lack of new projects

Although the office space market is at a low level in the wake of the pandemic, in two years' time, it will be possible to face a lack of new space in Bucharest, real estate consultancy firm JLL concludes in a report.

"The construction of an office building usually takes at least two years. For office buildings to be delivered in 2023, their construction must have already begun, which we do not see happening. Projects started before the pandemic are currently being completed. For this reason, in 2023, the options for occupying a new space will be very limited. We recommend that the decision-makers in the companies take this aspect into account when outlining their strategy for the following years and analyze the options in time," said Maria Florea, key client director of JLL Romania, Ziarul Financiar reported.

Seven new office buildings have been and will soon be delivered to the Bucharest office market in 2021 with a total of almost 222,000 square meters, which is enough space for 22,000 corporate employees, taking into account an average of 10 square meters per employee.

(Photo source: Dreamstime.com)