The vacancy rate (contractual) for offices in Bucharest has an average of 10.8%, noting a significant difference between class A (8.2%) and class B (18.2%) spaces, according to the data real estate consulting company Cushman & Wakefield Echinox.
“In the short term, we expect an increase in the vacancy rate, given that a number of large occupants have started processes of sub-leasing of areas considered surplus. The market continues to grow out of some inactivity, given that most projects under construction were launched before the pandemic, but in the medium and long term we believe the betting on desks will be a winner, with recent studies showing that employees are unwilling to give up the office to work exclusively from home, āsays Madalina Cojocaru, Partner Office Agency, Cushman & Wakefield Echinox. At the same time, the demand for space in the first three quarters was 160,000 sq m, down 43% compared to the same period of the previous year, the transactional activity being dominated by contracts for renewal and renegotiation of rents, which accounted for almost 46% of request.
