The volume of office leasing in Bucharest amounted to 168,000 sqm during H1 2024, down 11% compared to the same period of last year, with the average new lease deal at more than 1,100 sqm, according to Cushman & Wakefield Echinox.
The net demand accounted for 82,100 sqm, an area which could accommodate around 8,000 employees.
“We are optimistic in regard to the office space demand going forward, especially when it comes to premium A-class buildings. Tenants are actively searching for well-located office buildings, offering a wide range of amenities for tenants, as well as with the latest ESG standards,” says Mădălina Cojocaru, Partner Office Agency at Cushman & Wakefield Echinox.
The overall vacancy rate in Bucharest continued to be on a downward trend similar to the last few quarters, reaching a level of 14.2%. The monthly prime headline rent in Bucharest's CBD recorded a slight decrease of €0.50, settling at €21.50 per sqm in Q2, while other submarkets remained stable.
Across the city, there were offices with a combined leasable area of 88,400 sqm under construction at the end of H1 2024, with additional projects in the permitting stages.
