Q2 2021 brings the first strong sign of revival on the office market in the last 18 months, according to the latest market study released by real estate consulting company Griffes. The report analyses rental transactions and the composition of office stock in the second quarter of 2021.
Total office leasing market activity recorded in Bucharest, Romania, has been marked by growth, both compared to Q1 and the previous year. Moreover, Bucharest is back on the radar of technology and fintech companies in search of new opportunities.
Over 70,000 sqm were leased in Bucharest in the Q2 2021. 47% of these transactions represented renegotiations and extending of existing contracts, while the new leases (53% of all transactions) were signed by companies that decided to either relocate the offices in search of a new building, with better technical specifications, or open new offices, fitted-out from scratch, according to its own need. The medical sector (30%), along with technology (24%) and professional services (20%) were the main drivers of the new office demand.
