The first half of 2024 came with no new office space projects, whereas the first half of a year used to be significant in terms of deliveries. The second half will not bring any changes, either, with only one expected project, which is small and built as part of something else.
“The AFI Loft is the only office space project that will be delivered in 2024, so this year we will have the lowest new office space supply in the last 25 years,” said Eduard Turcoman, office agency director with Cushman & Wakefield Echinox.
After nearly five years of gradual decline in deliveries, developers have started announcing new projects as late as 2024, but they will not be delivered sooner than two or three years. For instance, Vastint announced start of construction on the second phase of Timpuri Noi Square in the spring, while One Untied announced One Technology District, set to house Infineon. Earlhy in September, Czech Republic’s PPF officially announced start of work on The Arc, which should have begun in 2022.
(English version by Loredana Fratila-Cristescu)