C&W Echinox: 15% of the office space in Bucharest is vacant
Some 0.5 mln square metres of office space is vacant at this moment in Bucharest, meaning some 15% of the total stock of office space in the city, according to real estate consultancy company Cushman & Wakefield Echinox.
Roughly half of this is in class B buildings, older than 15 years, which needs refurbishment, but the other half is in class A buildings. This space in modern buildings creates a buffer that will avoid deadlocks in the context of the scarce pipeline of new projects in this market segment.
The balance of work from home has stabilized after the return to office in the post-pandemic period, so the movements will be more in terms of consolidation or relocation, explains Mădălina Cojocaru, partner Office Agency Cushman & Wakefield Echinox.
"The return of employees to the offices will continue to be a challenge, but most companies have finalized their strategies regarding the occupation of the spaces, so we expect that in the coming period, we will see more movements in the market in the sense of consolidations or relocations", says Cojocaru.
(Photo source: the company)