Bucharest’s Center-West area accounts for 65% of the office spaces to be delivered in 2022, with real estate developers such as AFI, One United Properties and River Invest readying to bring three new projects. The city center hosts the Tandem project developed by Forte Partners, together with the Tudor Arghezi project, both representing layouts under development that will account for 20% of deliveries in 2022. The difference up to 15% is claimed by the North-West area which readies for the completion of the first phase of the @Expo project developed by Atenor Group.
“Companies that plan to find new modern office spaces or those having to renew lease contracts may find themselves in an unpleasant situation because owners (real estate developers, ed.) will have a very solid negotiation position. The present moment, however, is optimal for a decision-making process: we see an increased vacancy rate, deliveries available on a short term and especially a tendency for ongoing organizational transformation generated by strategies prepared by companies to be implemented after the pandemic”, said Vlad Damian, Head al A&T Services Office | Investor Leasing, at CBRE Romania
The total lease activity (TLA) in 2021 reached the 280,500-sqm threshold, which means a 16% higher turnover than the level recorded in 2020. Net take-up (total transactions, excluding renewals / renegotiation) accounted for 58% of the overall lease activity and was 15% higher than the 2020 level.
Pre-leases in 2021 made up a quarter of the annual absorption process, while renewal / renegotiation deals totaled 117,700 sqm, exceeding by 16% the 2020 turnover for this type of transactions. Pre-leases climbed to 15% of the overall lease activity, which shows firms have already reset and restarted their strategies.