Demand on Bucharest office market to increase by 20-30% this year
The demand for offices in Bucharest is expected to increase by 20-30 percent this year, given that a large part of tenants have exceeded expectations and are evaluating their options for optimizing the need for space, after the volume traded decreased in 2020 by 40 percent after most companies adopted telework, according to Cushman & Wakefield Echinox consultants.
"We can say that the beginning of this year brought an even higher volume of activity compared to the beginning of 2020, when almost no one foresaw the major impact that the spread of the Covid-19 pandemic will have. We currently have projects under construction of over 70,000 sqm in Bucharest and regional cities for many of the largest corporations present locally, who are aware that it is a good time to re-establish their contracts, whether we speak of renegotiations, consolidations, shrinking or even extensions of spaces. In this context, we expect the volume traded in 2021 to increase substantially, by at least 20-30 percent, and will return above the level of 300,000 sqm, "said Bogdan Bogatu, Director of Office Agency, Cushman & Wakefield Echinox.