The modern office stock in Bucharest has exceeded 3 million square meters, but the effects of the pandemic on the office market continued to be felt in H1 2021.
Colliers reports that gross demand for modern office spaces contracted by nearly 10%, to 112,000 square meters, compared to the same period last year.
New demand was around 38,000 square meters, down by 15% at the end of the first semester, but the decrease is about 22% compared to 2019. The first half of the year saw a delivery of only 36,000 square meters in new modern office spaces.
The completion of Skanska’s Campus 6.2 (19,800 square meters) and Tiriac Imobiliare’s Tiriac Tower (16,500 square meters) are the major additions. As the initial assessment for 2021 was around 260,000 square meters of new modern offices, quite a busy second half is setting up.
It is expected that some of the upcoming deliveries may very well end up being finalized in the first part of 2022 rather than the final months of this year.