In the first quarter of 2020, four buildings were added to Bucharest modern office stock, increasing its leasable area to 3.27 mln. sq m. The four buildings have a combined gross leasable area (GLA) of 76,100 sq m and are 70% leased.
By the end of 2020, approx. 122,000 sq m are expected to be delivered in Bucharest, out of which 46% has already been pre-leased.
During the first quarter of 2020, approx. 55,000 sq m were transacted on the Bucharest office market, a surface of almost half less than in the last quarter of 2019. From the total leased area, 72% is class A graded, while the remaining 28% can be found in class B office buildings.
For the next two years another 400,000 sq m are expected to be added to the Bucharest modern office stock, raising the total at approx. 3.7 mln. sq m.
Bucharest’s modern office stock vacancy rate stands at 9.9%.