Cushman & Wakefield Echinox: Office demand slowed in Q1

Office demand slowed in the first quarter in Central and Eastern Europe, a trend that is also noticeable in Bucharest, where companies leased 51,300 square meters in the first three months, representing a 44% decrease compared to the same period last year, according to data from real estate consultancy Cushman & Wakefield Echinox.

In the case of Bucharest, consultants estimate an acceleration in demand in the second half of the year, when a series of major transactions are to be signed.
The vacancy rate in Bucharest continued its downward trend, reaching 13.6% (the lowest level in Q2 2021), a trend that will continue in the coming period considering that no large or medium-sized office buildings will be completed in Bucharest in 2025.

“We expect transaction activity to intensify in the second half of the year, as companies resume their expansion or relocation plans. In addition, the lack of significant deliveries in 2025 will contribute to a decrease in the vacancy rate and, in some areas, to an increase in rents,” commented Mădălina Cojocaru, Partner Office Agency Cushman & Wakefield Echinox.