Five office buildings with a total of 94,000 sqm will be delivered in 2023 based on the authorizations obtained until 2020. The market will reach almost 3.5 million sqm in Bucharest at the end of 2023. The office market thus puts a brake sudden after years in which at least 200-300 thousand sqm were delivered annually.
Now, in the absence of new authorizations, the developers build only what was authorized before the current administration from the Capital City Hall.
The modern stock of offices in Bucharest reached 3.4 million sqm at the end of last year, with approximately half of the market consisting of buildings older than 10 years, and the rest being delivered starting in 2012.
The largest building to be delivered in 2023 is U Center II from Tineretului, developed by Forte Partners. Last year the first phase of the project was bought by Dedeman.
