At a European level, more than 170 million square meters of office space in sixteen markets are exposed to the risk of becoming obsolete in 2030, reveals the Rethinking European Offices report drawn up by Cushman & Wakefield.
The largest part of this stock is in West European markets. At the opposite end, CEE markets present lower such risks, with an average percentage of just 43%. This reflects the fact that the stock built on these markets has been largely delivered in the past two decades. During this period, office stock in the region has doubled, while on Western markets the increase was below 20%.
When it comes to Bucharest, the stock is even younger than the regional average, with almost half of the existing office area, of 3.41 million square meters, being built in the past ten years. Thus, in Bucharest, the risk of becoming obsolete stands at just 35%.
“Tenants are ever more interested in A-class offices offering easy access to various facilities and meeting the latest environment standards. (…) At a European level, half of leasing deals involve such spaces, up from 40% before the pandemic and just one third a decade ago,” says Madalina Cojocaru, Partner Office Agency Cushman & Wakefield Echinox.
Cushman & Wakefield Echinox consultants believe the Bucharest market proved a clear tendency toward stability, with trading activity registering a satisfactory level in the first nine months of the year, with a total leased area of 261,700 square meters, down 25% from the year-earlier period.
(English version by Catalina Apostoiu)