New office lease and renegotiation agreements were signed for 158,923 sqm during Q3 2023, up 36% compared to the previous quarter on the Bucharest market, according to data from Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance.
Less than a third of the total leased area in the third quarter is represented by moves to new offices, the remaining two-thirds being office space with contract extensions.
“Companies are starting to approach rentals with a more strategic and agile perspective. This new approach to leasing often involves office space with more flexible termination clauses and the possibility to expand or reduce space as needed. This trend reflects the desire of companies to adapt quickly to changes in their environment. and manage costs associated with office space more efficiently," says Nicolae Ciobanu, Managing Partner at Fortim Trusted Advisors.
During Q3, financial companies accounted for 38% of the office leasing activity, with major deals closed by BCR, Garanti Bani, UniCredit and Idea Bank. The largest leases were made through contract extensions in The Bridge and Orhideea Towers office buildings, based in western Bucharest.
All in all, western Bucharest recorded office lease volumes of 39,128 sqm, while in northern Bucharest the volume reached 28,578 sqm. In the Floreasca-Barbu Văcărescu area, the office leasing activity totaled 27,505 sqm.
