In Bucharest, the interest of office tenants was much higher in the second quarter of 2023, compared to the first quarter of the year, according to the analysis carried out by Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance. The companies traded a total area of 128,915 sqm, which involves renting new premises and renegotiations. Thus, there was an increase of 131 percent compared to the first quarter of 2023 and 48 percent compared to the second quarter of 2022.
The companies that rented the largest office spaces are: eMag, with an area of 10,000 sqm in Globalworth Square, Banca Transilvania with an area of 9,860 sqm in Green Court, Vois (Vodafone division) with 5,462 sqm in The Bridge, Coca Cola with 4,500 sqm in the Globalworh Campus and the Ministry of Transport and Infrastructure with a space of 3,780 sqm in Sema Park.
“This year, many large leases that have passed one, two or even three lease cycles, 4-15 years ago, in office buildings that have come into use, are expiring, or coming to an end at a time when a large number of properties were delivered with this objective. Currently, these banner companies, with sonorous names and generous leased areas, are negotiating with the current owners and in parallel looking for better options in terms of price, location, or facilities. Based on these considerations, a large volume of transactions took place in the second quarter of this year and the growth will continue, probably for at least one more quarter from now on,” declares Nicolae Ciobanu Managing Partner – Head of Advisory at Fortim Trusted Advisors, member of the BNP Alliance Paribas Real Estate.
In the second quarter of 2023, only the @expo building A tower was put into use, with a total leasable office area of 28,360 sqm. By the end of the year, the developers expect to deliver the second phase of the U Center building and two small office buildings, with areas between 1,500 and 8,000 sqm, boutique type, in the central area.
