Class A offices in Bucharest have some of the cheapest rents compared to other large European cities with strong business centres, according to a report by BNP Paribas Real Estate Alliance members.
At the start of 2022, premium office rents in Bucharest stood at €18.5 per sqm/month, compared to Prague and Warsaw with €24 per sqm/month. In Vienna and Budapest, rents for prime spaces amount to €26 per sqm/month.
In Bucharest, rents for offices start from €8 per sqm/month in the Pipera-Voluntari area and reach €12.5 per sqm/month in the southern part of the city. The biggest rents are paid by companies leasing offices in the business districts located in the northern and central-western part of Bucharest.
“The office market is stable in premium areas, such as the Central Business District (CBD) and Floreasca-Barbu Văcărescu, where no new office buildings are expected to be delivered soon. Landlords maintain rents from past years but offer additional benefit packages. Under these conditions, the net rent can decrease by 10-15%. On the other hand, deliveries of new space are slowing down this year, with 40% less space expected to be put into use than in 2021, which means that at the end of the year we may have another relationship between demand and offer and implicitly another level of rents," says Nicolae Ciobanu, Managing Partner - Head of Advisory, Fortim TA, member of the BNP Paribas Real Estate Alliance.
Rent prices were stable in both Class A and B office projects at the start of this year, according to Fortim TA data.
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