Given the generally difficult economic context, 2022 was decent enough for the Bucharest office market in terms of demand, with the first half of the year very solid and comparable to the good times before the pandemic, while the second semester was rather comparable to 2021. Overall, total demand saw an increase of some 6% versus 2021, to around 279,000 square meters, while new demand jumped some 17% compared to 2021, to 122,000 square meters, according to the 2022 Annual Report released by Colliers.
At the end of the first quarter of 2022, the Bucharest modern office stock reached 3.27 mln. sq m after the delivery of three new buildings with a combined gross leasable area (GLA) of 73,500 sq m. From the total new supply, the Center-West sub-market claimed the largest share, respectively 43% with Sema Park II - Oslo & London office building developed by River Development. Together with Forte Partner’s newest office project Tandem and the first phase of @Expo developed by Atenor Group, the three new buildings have an overall occupancy rate over 70% at the end of Q1.
The office stock in the Center-West area of Bucharest, near Politehnica University, will surpass the existing stock from Floreasca-Barbu Văcarescu (which has been the main office hub in Bucharest for eight years) in 2022, according to data from the Cushman & Wakefield Echinox real estate consultancy company.
The rents of class A offices, of the premium buildings, which have free spaces for rent in Bucharest are between 12.5 euro / sqm / month in the southern area and 18.5 euro / sqm / month in CBD, the best listed office area, according to an analysis by Fortim TA, a member of the BNP Paribas Real Estate Alliance. In the Pipera-Voluntari area, rents for class A office spaces fall on time and up to 8 euro / sqm / month.
2020 was one the poorest in the last decade for the Bucharest office market in terms of demand, reflecting uncertainties generated by the effects of the Covid-19 pandemic on the tenants’ plans.
MIRO will offer tenants Class A office space with premium and innovative design, along with a comfortable work environment in a 5-storey building with a total leasable area of 23,000 square meters. Each level has a flat floor of 4,750 sqm, and the ratio of parking spaces to rentable area is 1:40.
The stock of modern office space in Bucharest reached 3.16 million square meters at the end of the third quarter of 2019, in the context of a population of 2.11 million inhabitants and an unemployment rate of 1.3 %, according to the report Romania Office Destinations, realized by the research department of the real estate consulting company CBRE Romania.
The rental demands on Bucharest office space in the first nine months of 2018 amounted to 220,000 sqm and 76 per cent of the premises traded this year are in Class A office buildings, according to a CBRE study.
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