Office leasing in Bucharest totaled 128,915 sqm in the second quarter of 2023, up 48% compared to the same period of last year, driven by large deals closed by retail, financial and technology firms, according to a report by Fortim Trusted Advisors, a member of BNP Paribas Real Estate Alliance.
Half of the office tenants who closed deals in the second quarter were looking for new space to move into and half renewed their leases for the office space they currently operate.
“This year, many large leases that have passed one, two or even three lease cycles, 4-15 years ago, in office buildings that have come into use, are expiring, or coming to an end at a time when a large number of properties were delivered with this objective,” says Nicolae Ciobanu, Managing Partner, Head of Advisory at Fortim Trusted Advisors.
In terms of new developments, the main deliveries expected by year-end are the second phase of the U Center building, already more than 50% leased and with a large lease under negotiation and two small office buildings, with areas between 1,500 and 8,000 sqm, boutique type, in the central area.
The biggest office lease in Q2 was eMAG’s relocation in Globalworth Square on a surface of 10,000 sqm, followed by Banca Transilvania, with an area of 9,860 sqm in Green Court and Vois (Vodafone division), with 5,462 sqm in The Bridge.
“Following the postponement of some projects, a total of 117,167 sqm will be delivered in 2023, of which 69,860 sqm have already been put into use in the first two quarters," says Costin Nistor, Managing Director at Fortim Trusted Advisors.
Office deliveries estimations for 2024 in Bucharest hover around 31,000 sqm of new leasable space.
