“2021 is a year of decisions. Last year many companies chose to wait and postponed decisions such as office relocation. This trend was less visible in Romania compared with other countries in Central and Eastern Europe, as 60% of volumes transacted in Bucharest were relocations. But the decisions being made now are more complex than during previous years: from the way companies seek to integrate work-from-home and the utilization of offices proper to the office buildings they choose, which can become real destinations,” said Tudor Ionescu, Head of Advisory & Transaction, Office, CBRE Romania.
Over 140,000 sqm of office space transacted in Bucharest in 2020 consisted of relocations and pre-leases. The most active industries were IT&C, FMCG and the leisure industries, which generated over 50% of net demand on the local office market.
The most active developers that attracted over 50% of net demand were One United, with nearly 30% of demand, followed by Globalworth, Vastint, and Speedwell.
Office owners who renewed the most contracts in their office buildings were Immofinanz, AFI Europe, Globalworth, and Vastint.
“The pandemic brought safety to the forefront and owners took new measures in term of health and safety. The services that an office building cab offer in the near future become key motivators for people working in those spaces, be it medical clinics, wellness and meditation rooms or multiple dining options, including outdoors. Such additional services and an efficient property management could support a rent price difference of 10-30%,” said Ionescu.
Total office stock in Bucharest reached 2.95 million sqm at the end of 2020, with ten deliveries totaling 155,000 sqm.
By the end of 2021, another 250,000 sqm of offices are expected to be delivered and half of these spaces area already pre-leased, CBRE Research said. The most active developers with scheduled office deliveries this year are One United, Skanska, Forte Partners, and Atenor.