Only one office building delivered in Q2 2022 in Bucharest

There has only been one office delivery in Q2 2022 in Bucharest, the second building (25,000 sq. m GLA) of the AFI Tech Park project. The total office stock in Bucharest reached 3.3 million sq. m, according to Cushman & Wakefield Echinox.

This delivery pushed forward the Center-West area to first place in the top Bucharest office hubs, the stock of 579,600 sq.m overtaking Floreasca – Barbu Văcărescu area, which sums up 569,700 sq.m.

Dimitrie-Pompeiu area ranks third with 440,700 sq.m of offices, and on the fourth place there is the Center area with 405,500 sq.m. The smallest office stocks are still found in the East (51,100 sq.m) and South (41,800 sq.m).

In terms of demand, in the analyzed period (April-June 2022), there have been transacted 75,800 sq.m of spaces. Thus, the total leased areas in H1 2022 increased by 32%.

The new net take-up (excluding renewals/renegotiations of existing contracts) had a consistent share of 66% of the total transacted in H1 2022 (compared with 59% in H1 2021).

The prime headline rent in Bucharest has seen a small increase in Q2 2022, to a level of around €19.00/sq. m/month in the CBD.

Currently, projects totaling 134,000 sq.m are under construction in Bucharest, which are to be completed in 2022 and 2023, a level far below the average of deliveries in recent years.

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