The share of IT companies in the Bucharest office leasing market has shrunk to less than 30% compared to a prepandemic level of more than 50%, according to data from real estate consultancy 24 REAL.
All in all, the combined share of IT, outsourcing and share services centres accounts for more than 40% of the demand for offices in Bucharest.
At present, the profile of tenants in the market is mainly represented by firms looking to lease offices up to 1,000 sqm.
“There are quite a few companies that want to give up some of the space they rented in previous years because they no longer need such large areas. The segment looking for 200-500 sqm is the most popular, being represented by clients who are consolidating their business and to whom all the office staff has returned, but we are also seeing a considerable increase in demand from start-ups, who are opening new offices in Bucharest, both local and international businesses," said Constantin Căpraru, Managing Partner of 24 REAL.
Last year, the total office leasing in Bucharest totaled 320,000 sqm, which was up 5% year-on-year, but still under the record of 400,000 sqm from 2019.
Sign up today for the latest news