Bucharest sees 43,000 sqm of new offices

About 43,000 sqm of new office space were delivered in Bucharest in the first six months of this year (H1), out of a total of 140,000 sqm of office space that should be delivered this year, according to data from JLL Romania. The new demand for office space in Bucharest reached 80,000 in the same period. The leasing contracts signed in the first half totalled 185,000 sqm of office space, compared to 192,000 sqm during the same period in 2016. More than 60 companies leased new office space in the first half of this year and 40 renewed their existing leases, according to JLL specialists. The biggest 15 transactions totaled over 104,700 sqm of offices. The largest project delivered in the first half is Timpuri Noi Square, developed by Vastint, with an area of 33,000 sqm. Bucharest’s office inventory amounts to about 2.43 million sqm. The average vacancy rate has dropped to 9% in Romania’s capital, a minimum after the financial crisis. Nokia becomes largest office tenant outside Bucharest editor@romania-insider.com