The stock of modern office spaces in the Capital grew by 2.5%, reaching 2.21 million square meters, following the completion of the Green Court B, City Offices, and Auchan Tricodava buildings, according to an analysis by a real estate consultancy firm.
By the end of the year, another 100,000 square meters of offices will be completed, half of which are to be delivered within the Bucharest One project, developed by the real estate company Globalworth, led by Greek investor Ioannis Papalekas. Thus, the office stock in Bucharest could reach 2.3 million square meters by the end of the year.
Regarding the occupancy of modern office spaces in the Capital, 135,000 square meters of offices were traded in the first half of the year, a situation similar to last year. The most active in this market remained IT and telecommunications companies, which accounted for 64% of the demand for office space. Under these conditions, specialists estimate that the vacancy rate will reach below 12% by the end of the year.
Source: Imobiliare.Net
Frequently Asked Questions
What is the current office space stock in Bucharest?
The modern office stock has reached 2.21 million square meters and is expected to grow to 2.3 million by the end of the year.
Which industries are the most active in the Bucharest office market?
IT and telecommunications companies are the primary drivers, accounting for 64% of the total demand.
What is the outlook for office vacancy rates in the Capital?
Experts predict that the vacancy rate will continue to decline, falling below 12% by the end of the year.