At the end of 2021, Bucharest’s office space stock numbered 3.22 million square meters of modern space, the highest volume of new class A&B space in a single Romanian city, following the delivery of some 260,000 square meters in projects whose construction started before the pandemic.
Amid the work from home, the hybrid system, and the uncertainty of 2020, many developers have postponed the start of new projects.
“The pace of office space development will slow down this year, if developer announcements are anything to go by. Thus, deliveries will halve in 2022, with projects to be completed this year having a cumulative area of around 138,000 square meters, compared with around 260,000 square meters in 2021,” said Vlad Saftoiu, research analyst at Cushman & Wakefield Echinox.
In mid-2020, 18 office projects were scheduled to start construction in 2021-2022, totaling approximately 450,000 square meters, of which 270,300 square meters were scheduled for 2021 and 180,700 square meters for 2022. If 2021 lost 10,000 square meters of office space, this year the area has been reduced by almost 40,000 square meters.
(English version by Loredana Fratila-Cristescu)