New office projects with a combined surface of 220,000 sqm will be delivered in Bucharest this year, up compared with the stock of 155,000 sqm that was finished during 2020, according to Cushman & Wakefield Echinox.
The higher delivery volume comes amid a lower usage of existing office buildings, which have a total leasable area of 2.98 million sqm, according to research by real estate consultancy firm Cushman & Wakefield Echinox.
Employees are starting to resume work in the office, but the usage rate of buildings remains relatively low at 40-50%. At present, companies are still opting for the work from home arrangement or favour the hybrid work scheme that combines office and remote work.
“We consider that the first three months of this current year have brought positive signs, as we notice a significant number of pre-lease transactions of certain office spaces under construction, after the year 2020 generally marked by enhanced and delays of decisions regarding new office spaces occupancy,” says Mădălina Cojocaru, Partner, Office Agency, at C&W Echinox.
In the first quarter, two new office buildings were delivered. Skanska concluded the development of Campus 6.2, part of the Campus 6 project, while Forte Partners delivered Millo Offices. Both projects have a combined leasable area of 30,000 sqm.
At present, the vacancy rate of office buildings stands at 13.5%, due to lower demand for class B projects.
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