In the last quarter of 2020, in Bucharest there were transactions of office spaces with a total area of 77,000 square meters, the highest quarterly value of the year.
The annual volume of transactions reached approximately 237,000 meters squares, according to Cushman & Wakefield Echinox.
Compared to the previous year, the transactional office area decreased by 39%, while the share of renewal contracts increased from 21% to 45%.
The most important office project completed in the last quarter of 2020 was One Tower, with a leasable area of 24,000 square meters, part of the mixed project One Floreasca City, the total deliveries of new office spaces in 2020 totaling 155,000 square meters, a decrease of 46% compared to 2019.
The commercial stock (destined for lease) of office buildings in Bucharest amounts to approximately 2.95 million square meters, other buildings with an area of approximately 150,000 square meters being occupied by the owners, while projects with a total area of 350,000 square meters are currently under construction, being scheduled for delivery between 2021-2022.
In this context, the (contractual) vacancy rate of office spaces is 12.5%, with a significant difference between class A (9.7%) and class B (20.7%) spaces.
The most important office projects under construction are One Cotroceni Park, J8 Office Park, Globalworth Square, U Center, Miro Offices, Ţiriac Tower, Dacia One, Millo Offices, Expo or Sema London & Oslo, the developers having signed pre-lease contracts for about 60% of the spaces.