If the Bucharest office stock doubled, the density would reach the threshold of 3 sqm per inhabitant, which is the current level in Warsaw and Prague, according to a study by Cushman & Wakefield Echinox.
Bucharest currently has a density of 1.4 sqm per inhabitant, which, in terms of density, places it close to some smaller towns in Poland, such as Krakow, Wroclaw and Katowice, where the modern office density ranges between 1.2 sqm and 1.45 sqm per inhabitant.
As regards regional cities in Romania, Cluj-Napoca is the most developed office market with 0.74 sqm per inhabitant, followed by Iasi (0.5 sqm per inhabitant) and Timisoara (0.45 sqm per inhabitant).
Over the last ten years, the modern office stock in Bucharest has tripled, considering that at the end of 2007, in capital Bucharest, office space of 875,000 sqm were operational. For the next decade, Cushman & Wakefield Echinox consultant expect the office stock in Bucharest to double, up to 5 million sqm. New buildings with a lettable area of 275,000 sqm were delivered in Bucharest, in 2016, and for 2017 – 2018, projects with a cumulated area of over 500,000 sqm are due to be delivered.
Real estate consulting firm Cushman & Wakefield Echinox brokered lease transactions with office space with a cumulated area of 31,000 sqm, in the first quarter of 2017.