Bucharest office market returned to pre-pandemic levels

The Bucharest office market returned to pre-pandemic levels, the industrial and logistics spaces are going from strength to strength, while the investment market could reach its highest level in more than 10 years, according to Colliers’ Mid-Year Report for 2022.

The vacancy rate on the office market dropped towards 15% in Bucharest from 16,50% at the end of 2021 (with deeper moves lower in parts of the country).

Overall, new demand for Bucharest office spaces nearly doubled in the first semester compared with the similar period from last year while the annualized pace of new demand is at pre-pandemic levels.

On the industrial market, following a 7% growth of the leasable modern warehousing stock, it closed in on the 6 million square meters level.

Demand is still on par with record levels seen in the last couple of years, owing to the fact that the local modern stock remains well behind it should be for a market that grew as fast as Romania.

Stronger demand for storage spaces is seen in the retail sector, where the stock per capita remains well lower than in Poland or Czechia for similar levels of consumption.

MUST READ: Bucharest office market recovery continued at the start of 2022

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