Thus, in the first three months of the year, companies leased 91,000 square meters of offices in Bucharest, up 63% from the area contracted during the same period of last year.
Overall, 55 deals were signed, with the average/deal being 1,765 square meters, double the average of Q1/2023.
As regards the level of rents, they stagnated at the start of the year, with the maximum level remaining at EUR22/sqm/month.
“After a 2023 with a record high level in terms of traded area, Q1 data indicates a stabilization of demand on the real estate market. A major concern is related to the low number of new projects scheduled for delivery in the next 24 months, which will limit the supply of high-quality office spaces,” commented Madalina Cojocaru, Partner Office Agency Cushman & Wakefield Echinox.
New demand had a weight of just 38% in the overall traded volume, in line with the trend of the past three years.
The vacancy rate inched down to 14.4% from 14.8% in Q1/2023 and from 14,7% at end-2023. Amid an extremely limited supply of new projects, the vacancy rate is expected to drop further in the coming period.
BPO companies were the most dynamic in terms of traded area, with 36% of the total. IT&C firms generated almost 21% of the total volume.
(English version by Catalina Apostoiu)