Office rents in Bucharest, one of the highest growth rates in Europe

The growth rate recorded in Bucharest was only surpassed by the ones from Dusseldorf (Germany) - 26.8% and in Rotterdam (Netherlands) - 22.4%

Office rents in Bucharest increased by up to 15.8% in the last 12 months (June 2023 vs. June 2022), with the prime headline rent in the central area reaching EUR 22.00/ sq. m/ month.

Bucharest registered one of the most significant increases of the prime office rents in Europe (which saw an average rental growth of only 5.6%), driven by inflation and construction costs.

Romanian capital experienced the highest rental spike when also compared with the other capital cities across the Central and Eastern Europe. Prague recorded an increase of 5.6%, Sofia 6.7%, Budapest and Warsaw 2%.

The current under construction pipeline in Bucharest is relatively low at 112,000 sq. m GLA, but there are also around 300,000 sq. m of other projects in different planning stages.

In the first half of 2023, new supply consisted of the second building of the @EXPO project (28,000 sq. m GLA), One Cotroceni Park II (34,500 sq. m), and Muse (7,500 sq. m).

With a total of 3.38 million sq. m., Bucharest is the fourth largest office market in the Central and Eastern Europe, after Warsaw (6.25 million sq. m), Budapest (4.33 million sq. m), and Prague (3.85 million sq. m).

In regards to the transaction activity, tenants leased a total area of over 190,000 sq. m in H1 2023, corresponding to an increase of 21% when compared with H1 2022.

SEE ALSO: TELUS International opens over 1.500 positions in Romania this year

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