Companies leased 91,000 sqm of office spaces in Bucharest in Q1, up by 63% compared to the same period of last year, according to a Cushman & Wakefield Echinox report.
During Q1, 55 transactions were concluded with an average deal size of 1,657 sqm, which was twice the level recorded in Q1 2023.
"After a record year in terms of leased office spaces in 2023, the Q1 data indicates a stabilisation of demand on the market. A major concern is the limited number of new projects scheduled for delivery in the following 24 months, which will constrain the supply of high-quality office spaces. Only three projects are currently under construction in Bucharest, with a total area of 88,400 sqm,” said Mădălina Cojocaru, Partner Office Agency at Cushman & Wakefield Echinox.
BPO companies accounted for 36% of the total leased surface, representing entirely renegotiations of existing contracts. IT&C firms contributed to nearly 21% of the total volume, both through the renewal of existing spaces and through new leases or relocations.
The report further shows that vacancy rates for offices slightly fell to 14.4%, while prime rents were flat, with CBD-based office buildings at €22.00/sqm/month.
