Take-up transactions, which are new space leases, not contract extensions, totaled 214,911 square meters, compared to 187,896 square meters in 2021. These new contracts are joined by renegotiation contracts for office space signed by companies, totaling 115,361 square meters.
In Bucharest, the largest contracts include those signed by companies such as Booking.com – which opened an IT center of excellence in a new 9,000 square meter space in the U Center Phase I building, BAT (British American Tobacco) – which pre-leased a 10,500 square meter space in the One Cotroceni Park project and EveryMatrix – which pre-leased 7,500 square meters in the Arghezi 4 office building.
Large renegotiations of office space were signed by Orange, NXP, Infineon, Carrefour, Playtika and ADP. In total, negotiations involved 115,361 square meters, about half as much as the new space leased.
“The year 2023 is shaping up to be an exciting one in the office rental market. A large volume of office space was leased for a period of four or five years and the leases expire in 2023-2024,” says Costin Nistor, managing director at Fortim Trusted Advisors.
Companies will have a choice between extending contracts for their current premises on new terms or moving to other buildings on more advantageous terms.
(English version by Loredana Fratila-Cristescu)