Volume of newly leased office space in Romania drops 2.35 times in 2020
The total volume of office spaces traded in Romania last year dropped by 36% compared to 2019, to 300,000 sqm, according to the real estate consultancy firm JLL.
Furthermore, the volume of office space traded in new deals (new demand) plunged by 2.35 times to only 120,000 sqm.
The plunge seems steep, but the absolute value is outstanding for a year when the offices stayed closed most of the time.
The rest of the contracts up to 300,000 sqm are renewals, renegotiations, and relocations.
"Almost 120,000 square meters of office space (the new demand) corresponds to at least 12,000 new employees. It is less than in 2019, yet it is encouraging to see companies that have continued to expand and create new jobs despite the uncertainties and changes that appeared on the labor market in 2020," said Marius Scuta, Head of Office Department and Tenant Representation JLL Romania.
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