Demand for office space in Bucharest was flat at 286,100 sqm in 2022 compared to the previous year, while the vacancy rate fell slightly to 12.54%. Demand was driven by the IT sector, which had a share of more than 25% of the office leasing market, according to JLL Romania.
Last year, deliveries of offices totalled 124,500, while this year new projects with a leasable area of around 104,000 sqm will be completed.
Demand was driven by the IT sector, which had a share of more than 25% of the office leasing market. Next came the professional services sector (12%) and the financial-banking sector (almost 9%).
“Workplace diversity, ESG targets / green footprint and the need for higher quality space will support a rise in office space refurbishments, a trend that is enhanced by both supply constraints on new development and dwindling demand for older space. This will result in a slowdown in expansionary demand, heightened sublease activity and a focus on renewals. At the same time, refurbished office space will be required if the market is to meet the demand for Net Zero Carbon buildings,” said Mădălina Iconaru, Consultant Office Agency at JLL Romania.
The most important office projects expected this year are phase 2 of One Cotroceni Park (34,500 sqm), phase 2 of U-Center (33,200 sqm) and building A1 of the @Expo complex.
Prime rents for offices were flat at €19 per sqm per month, with further gains expected in the first part of this year due to the inflation indexation.
