Office space transactions in Bucharest marked a significant recovery in the last quarter of 2020, reaching a total area of 77,000 sqm, the highest quarterly value of the year, bringing the annual volume of transactions to approximately 237,000 sqm, according to real estate consulting firm Cushman & Wakefield Echinox. Compared to the previous year, the traded office space decreased by 39 percent, while the share of renewal contracts increased from 21 percent to 45 percent.
“However, we noticed that a significant part of the transactions signed at the end of the previous year were pre-leases, a positive aspect that reveals that some occupants notice the favorable context, in which they can obtain attractive business conditions and upgrade both in terms of location, as well as the quality of the space occupied”, says Mădălina Cojocaru, Partner, Office Agency, Cushman & Wakefield Echinox.
