The net office take-up in Bucharest across Q2 exceeded the renewal and renegociation transactional volume for the first time during the last two years, according to Cushman & Wakefield Echinox.
Close to 77,000 sq. m of office spaces were leased in Bucharest during Q2 2024, while the net take-up had a significant rebound, with a 62% share in the transactional volume, the highest quarterly share since Q1 2022.
The leasing activity in H1 2024 was strong, with 168,000 sq. m being transacted in the capital city, thus marking a decrease of only 11% compared with H1 2023.
Net demand accounted for 82,100 sq. m, an area which could accommodate around 8,000 employees. The average new lease transaction size was of more than 1,100 sq. m.
The medical & pharma sector was the most active, contracting 19% of the net leased area in H1 2024 (15,300 sq. m), followed by IT&C companies, with 18% (14,500 sq. m).
Also, the overall vacancy rate in Bucharest continued to be on a downward trend similar to the last few quarters, reaching a level of 14.2%, with further decreases expected by year-end due to the very limited pipeline.
The prime headline rent in Bucharest’s CBD recorded a slight decrease of €0.50, settling at €21.50/ sq. m/ month in Q2, while other submarkets remained stable.