The first half of 2024 brought a solid leasing activity, with 168,000 square meters contracted in Bucharest, down just 11% from H1/2023. Of this area, 82,100 represent new demand, meaning that in the first half companies leased new offices for 8,000 employees.
The pharma and healthcare field was the most dynamic in terms of the area of new offices traded, with a 19% weight in the total, followed by IT&C companies with 18% of the total.
The average vacancy rate in Bucharest continued its downward trend, reaching 14.2%, with additional declines expected until yearend because of the extremely limited new supply.
“We are upbeat about the second half of the year and the coming years with regard to the evolution of office space demand, particularly for premium, A-class buildings,” stated Madalina Cojocaru, Partner Office Agency Cushman & Wakefield Echinox.
The area of spaces under construction remains limited, with projects totaling 88,400 leasable square meters under various stages of development.
(English version by Catalina Apostoiu)