Factors behind this tendency include rising labor costs, construction materials prices, investments in sustainable solutions and alignment to ESG standards.
According to Andrei Ianculescu, Head of Project & Development Services at Cushman & Wakefield Echinox, labor costs had the biggest impact over office space fit-out costs.
Nevertheless, Bucharest remains a competitive market against other capitals in the region.
The Project Management department of Cushman & Wakefield Echinox has in the past two years carried out projects with a 480,000-sqm area both for owners and tenants. On the office segment, completed projects involved an around EUR33 million budget.
(English version by Catalina Apostoiu)