“The pandemic caused a decline in demand in the first half compared with the same time last year, but in the third quarter we saw growth, 62,500 square meters in 2020 compared with 54,800 square meters in 2019,” said Horatiu Florescu, chairman and CEO of Knight Frank Romania and Hungary.
Deals for 163,000 square meters of office space were signed in the first nine months of the year, a decline of 35% on the over 250,000 square meters in January-September 2019.
“The good results in the summer lowered the half-year to half-year ratio.”
Lease extensions or renewals accounted for 53% of the total volume or 32,650 square meters and relocations for 37% or 23,250 square meter in the third quarter, Knight Frank data show.
Knight Frank also saw its largest deal in the third quarter, when KPMG rented office space in the development to be delivered near Baneasa Shopping City.
(English version by Loredana Fratila-Cristescu)