Office space traded in Bucharest increased in 2023 by 43 percent year-on-year to more than 463,000 sqm, while surpassing the record recorded in 2019, when the market reached 390,000 sqm, data from real estate consultancy Cushman & Wakefield Echinox shows.
Net demand, excluding renegotiation and renewal contracts, accounted for 46 percent of Q4 trading volume and 44 percent of full-year 2023. As a result, companies leased office space for at least 20,000 new employees, mainly in the IT&C, manufacturing, finance, retail and healthcare sectors.
Last year, the total of new projects delivered was 110,500 sqm, the lowest level recorded since 2015.
The stock of office buildings in Bucharest stands at around 3.4 million sqm, while projects under construction amount to just 42,500 sqm amid urban planning blockages.
