Net demand, not including renegotiation and renewal contracts, held a 46% share in the volume traded in the fourth quarter and a 44% one of the entire 2023 level. Thus, companies leased offices for at least 20,000 new employees, mainly in the IT&C, production, financial, retail and healthcare fields.
2023 also marked a record in terms of deliveries of new office projects in Bucharest, with the total new projects delivered reaching 110,500 square meters, the lowest level since 2015.
Madalina Cojocaru, Partner Office Agency Cushman & Wakefield Echinox, mentions that more attention is paid to the quality of office spaces.
Bucharest office building stock revolves around 3.4 million square meters, while projects under construction amount to just 42,500 square meters. In 2024, a single building is likely to be delivered, AFI Loft, with a 15,000-sqm area, an all-time low.
The vacancy rate of office spaces stands at 14.7%, down from 15.2% at end-2022. Given uncertainty related to new project deliveries, the vacancy rate is likely to continue its downward trend, according to C&W Echinox analysts.
In 2023, the office department of C&W Echinox handled deals of 104,100 square meters in Bucharest, accounting for 25.5% of deals signed with agents. In the past three years, the office team has provided consulting services for leasing deals involving over 250,000 square meters in Bucharest.
(English version by Catalina Apostoiu)