During the first three months of 2021, the office leasing activity was highly impacted by the COVID-19 pandemic which stood at the basis of most decisions of leasing a new space. The first quarter of the year witnessed a total leasing activity (TLA) of 42,000 sq m in Bucharest, a value with 23% lower compared with the one registered in the first quarter of the previous year.
With two buildings brought on the market in Q1 2021, the Bucharest modern office stock reached at 2.98 mln. sq m.
At the end of the first quarter of 2021, the vacancy rate stands at 12.6%, with only 0.2 pps higher compared with the one registered at the end of 2020.