The office stock in Bucharest’s sublease niche totaled 67,400 sqm in 2023, while new transactions in this segment amounted to 5,856 sqm, according to an iO Partners report.
The agency’s consultants explain that the subleasing market was boosted by companies that were locked in 5-year office lease contracts set to expire this year. Tenants moved to sublease some of their office space instead of cancelling contracts earlier as alternative work arrangements gained ground.
The report notes that because most lease contracts have already been renegotiated and are effective from 2024, with the corresponding resizing, subleasing availability will significantly decrease in the upcoming period. Thus, excess spaces will be returned to the owners and will become part of the overall office availability in the market.
The biggest tenants looking to sublease some of their offices were in the BPO, tech and financial services industries.
