The total leased area - which includes, in addition to the actual rentals, renegotiations and contract extensions - was approximately 73,500 sqm, up 18% from 2017. In contrast, the new re quest was lower, totalling 20,400 sqm, half the level registered last year.
In the first nine months of the year, most of the demand came from companies offering professional services (26% - including co-working), followed closely by IT & C companies (25%) and energy and industrial companies (19%).
Also, only the co-working segment resulted in 20% of net demand, or 10.4% of total demand.
In the first three quarters of 2018, the rental activity was dominated by central areas (32%), followed by Centre-West (18%) and West (13%). On the other hand, areas in northern Bucharest - Dimitrie Pompeiu, Piata Presei / Expozitiei Square and Floreasca-Barbu Vacarescu - were less transacted (12%, 10% and 6% respectively).
Regarding rents, they remained broadly stable, although some sub-markets, such as Floreasca - Barbu Văcărescu, felt some pressure on them as a result of the strong demand from tenants and the low degree of vacancy. "Similarly, downward pressure on rents may also be felt in the future due to more and more frequent relocation from modern office buildings to others (competitive stock), a phenomenon that increased in the first three quarters of 2018 to a maximum post-crisis of 26% of total demand", added Sebastian Dragomir.
According to Colliers International - Bucharest Office Market Q3 2018 - after a modest increase in inventory in the first half (33,000 sq m), the third quarter was more dynamic, with 83,000 sq m delivered. The last months of 2018 will be as active, with over 69,000 square meters scheduled for delivery, although some of this stock could be postponed to 2019. (source: Colliers International)