Of the office stock transacted in the third quarter, lease renewals totaled nearly 8,000 sqm, relocations accounted for around 23,000 sqm, while 37,000 sqm was leased by companies seeking expansion or plans to start operations in Bucharest and plans to hire around 4,000 people.
The vacancy rate dropped to 8.2% in the third quarter, from 9.3% at the end of the first half.
The largest demand came from companies in IT&C and outsourcing companies, which leased a total of 55,000 sqm in the third quarter, or 80% of total traded office stock.
In the first nine months of the year, office stock transactions reached 238,000 sqm, 7% lower than in the same period last year due to fewer deliveries. While new deliveries amounted to 275,000 sqm in Bucharest last year, this year’s deliveries are expected to total 155,000 sqm, bringing the total stock to nearly 2.7 million sqm.