The rent environment for Bucharest offices has been on a downward trend since the onset of the health crisis as flexible work arrangement that limited the presence of employees in offices were implemented, according to Investpoint.
In the past year, rents have fallen by 12-17%, depending on the area of the city where the office is located, according to an Investpoint analysis.
Some of the firms that rented spaces adapted their operations to an out of office environment, while some business owners concluded that they need less office space.
In 2019, office in areas such as Aviatorilor, Floreasca, Pipera and Expoziției had unoccupancy rates under 5%. As of May 2021, the vacancy rates in some buildings climbed to 20-30%.
The fall in rent costs could help smaller companies to relocate their operations to modern offices. Transactions for such firms start at 500 sqm.
Bucharest has an office stock of around 3 million sqm and another 250,000 sqm will be delivered this year.
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