Office spaces for sublease in Bucharest put pressure on landlords
The office spaces for sublease in Bucharest put pressure on the traditional market not only because they represent supplementary supply (and a significant amount), but also because the short-term and the flexibility offered under the sublease contracts are appealing for small tenants that find such offers as ideal, according to a report of the real estate consultancy firm JLL.
According to JLL data, at this moment, the total area available for sublease has reached approximately 70,000 square meters, the largest that has ever existed on the Romanian market.
The vacancy rate for office space has risen relatively steadily over the last year, with all the expansion projects expected by the vast majority of customers contributing to this.
JLL specialists' estimates for 2021 and 2022 are that this rate will increase further because projects that already have pre-leased space cannot be postponed and may take longer to fill vacant spaces in the absence of an increase in net demand.