News Article Andrei Ianculescu Bucharest Cushman & Wakefield Echinox ESG office Romania
by Property Forum | Office

Bucharest still has some of the lowest fit-out costs in the region for offices, despite an increase of around 15-20% during the past 12 months, according to Cushman & Wakefield Echinox data. Office fit-out costs in Bucharest have an average of €943 per sqm, which is 32% below Warsaw and Prague, and 32% above Sofia, which has the most advantageous costs in the region.

„Although the prices of raw materials have not increased significantly during the past year, the finished goods which involve labour force, utilities and transportation continued to be on an upward trend, as labour, material and equipment costs have the biggest impact on office fit-out prices,” said Andrei Ianculescu, Head of Project Management at Cushman & Wakefield Echinox.

The agency further shows that budgets can range from €700 to more than €1,400 per sqm, depending on the project complexity, the materials and the solutions used, but also on the technical and security systems which have been implemented.

Costs related to fit-out works, architecture and installations (51%) and those pertaining to furniture (30%) have the largest shares in the total cost for fit-outs. Tenants also have to consider increasing cost pressure for allinging workspaces to ESG standards.