Romanian office market fell by 36% in 2020
The Romanian office market fell by 36%, from a record 470,000 sqm in 2019 to 300,000 sqm, but the average value of a transaction rose from 1,560 sqm in 2019 to 1,652 sqm last year, according to real estate consulting company JLL. Areas covered by the JLL analysis include transactions made through agents and those concluded directly between the landlord and tenants.
The net demand totaled almost 120,000 sqm, respectively 40% of the total leased area in 2020. The rest of the transactions were represented by renewals, renegotiations and relocations in the competitive stock. In comparison, in 2019, net demand accounted for almost 60% of the total volume of rental transactions.