However, the average value per transaction grew to 1,652 sqm in 2020 from an average of 1,560 sqm in 2019.
The JLL analysts includes transactions brokered by agencies and transactions concluded directly between owners and tenants.
Net demand totaled nearly 120,000 sqm, or 40% of the total office area leased in 2020. The remainder was represented by renewals, renegotiations and relocations in competitive stock. By comparison, net demand in 2019 accounted for nearly 60% of lease transactions.
“Nearly 120,000 sqm of offices representing new demand means offices were leased for at least 12,000 new employees. It is less than in 2019 but it is encouraging to see companies that continued to expand and create new jobs despite uncertainties and changes that occurred on the labor market in 2020,” said Marius Scuta, Head of Office Department and Tenant Representation at JLL Romania.
JLL Romania had a market share of nearly 34% on the office lease market, more than double compared with the second largest player, CBRE. Of the 225,000 sqm of offices in Romania leased via agencies in 2020, JLL was involved in the lee of 76,000 sqm.