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Bucharest Office Figures Q3 2023

Bucharest modern office stock amounts to 3.41 mln. sq m, at the end of Q3 2023, after the delivery of the second phase of U-Center developed by Forte Partners in the center sub-market with a GLA of 32,500 sq m.

October 18, 2023 2 Minute Read

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Only one office scheme will be inaugurated by the end of the year, the boutique office project, developed by Strabag with a GLA of approx. 7,500 sq m in the center sub-market, 100% leased.

 

Without any new deliveries in 2024 and a limited number in 2025, the third quarter of this year represented a historical record concerning total leasing activity. With occupiers staying cost-conscious together with lease renewals and flight-to-quality relocations were the main drivers of demand this quarter.
 
More than 164,000 sq m were transacted in Bucharest, and this could be translated with a confirmation of the long-term engagement of the existing players. 41% of the TLA was represented by take-up, showing an increase of 16% QoQ and 46% YoY).

 

The vacancy rate for class A & B properties remained high, over 15%, and peaked after 2010-2012 period. Based on the current market context, we estimate a decrease in stock availability in six to nine months and a return to a level of 12%.