Around 160,000 sqm of modern office space was leased in Bucharest in the first six months of the year, compared to around 130,000 sqm in the same period in 2022. However, new demand amounted to just 45,000 sqm, down 40 percent compared to 2022.
“There are projects that together have 200,000 sqm of office space that despite having issued and valid building permits, do not start the project. They will start when the market moves around demand. For this reason, there will be a period without deliveries and companies that will need to contract large office spaces will have nowhere,” explained Silviu Pop, CEE & Romania research director at Colliers.
On the other hand, Laurențiu Lazăr, managing partner & head of investment at Colliers Romania, explains that rising construction costs also mean higher rents, and not all companies are willing to pay extra.
Source: zf.ro
