The office leasing activity in Bucharest totaled 292,000 sqm in the first three quarters of 2023, up by 46% compared to the same period of last year, according to iO Partners data.
In the same period, the net demand totaled 76,000 sqm, which was 28% versus the first nine months of 2022. Renewals had the biggest share of around 55% out of all office deals concluded this year.
“We expect the vacancy rate to continue to increase in the first half of next year as large companies rethink their entire operating model. Renewals and renegotiations remain the main contributors to demand recorded this year. In the context of relocations that have taken place, there is a trend towards the choice of central or semi-central locations, characterized by very good accessibility,” said Laura Ene, Business Development Consultant at iO Partners.
Research by iO Partners on Bucharest’s office market shows that buildings located less than 500 metres away from a metro station have an average unoccupancy rate of 10.76%, compared to the city average of 13.13% in October. For offices that are located more than 1 kilometre away from a metro station, the unoccupancy rate stands at 20.44%.
