The level beats both the Q1 level (51,300 square meters) and the Q2 one (70,000 square meters), signaling a stepped-up pace of relocation and expansion decisions among tenants.
In parallel, construction of two new office buildings was kicked off and the total area of projects under development in Bucharest climbed to 169,500 leasable square meters, all scheduled for delivery by end-2027.
During the January-September period, companies leased 197,200 square meters of office space in Bucharest, with over half representing new demand, reveals Cushman & Wakefield Echinox report.
The total traded volume during the analyzed period is 25% below the year-earlier one, but in a year with no new office project delivered the vacancy rate dropped to 12.8%, the lowest level since Q4/2020.
The stock of Bucharest office spaces stands at 3.429 million square meters, accounting for 15% in total CEE stock.
Developers such as AFI Europe, Forte Partners, Vastint, PPF Real Estate and NEPI Rockcastle are among the most dynamic investors on the office space development market, having projects with a total estimated value of EUR200-250 million.
“We can see renewed interest both in investments in office building construction and in the acquisition of such properties, from the part of Romanian and foreign capital. Nevertheless, the development activity remains, for the time being, at a low level,” says Madalina Cojocaru, Partner, Office Agency Cushman & Wakefield Echinox.
In terms of rent evolution, the market was characterized by stability.
(English version by Catalina Apostoiu)