Vacancy rate for Bucharest office buildings reaches lowest level in nine years

The vacancy rate of the office buildings in Bucharest has reached the lowest level in the last nine years, namely 9.5%. This is related to the limited number of projects delivered and the increase in demand, according to a report released yesterday by real estate consultancy firm CBRE. The vacancy rate for class A office spaces was 7.1% whereas the vacancy rate for class B buildings amounted to 11.4%. The lowest vacancy rates were in the west of Bucharest (4.6%) and the north (6.6%). The net demand for office space (the total demand excluding renegotiations) accounted for 54% of total demand in the first three months of this year, during which 94,000 sqm were leased. Most transactions in the first quarter were carried out in the north of Bucharest, amounting to over 69,000 sqm. By the end of the year, another 140,000 sqm of office space will be delivered in Bucharest, according to CBRE. editor@romania-insider.com