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Lacklustre take-up on Bucharest office market

10 November 2017

ROMANIA The Bucharest office market saw a net take-up ofclose to 45,000 sqm in this year’s third quarter with most of the demand (83 pct) coming from the IT and BPO/SSC sectors, claims Colliers International in its ‘Bucharest Office Market Q3 2017’ report.

Total leasing volume for the quarter was down y-o-y with a gross take up (including renewals and renegotiations) of 56,000 sqm (71,000 sqm in Q3 2016). Net take up came to 45,000 sqm for the quarter and 134,000 sqm since the beginning of the year. “It is important to notice that, despite a slowdown in office leasing activity compared to 2016, the demand is still healthy, considering the fact that we are heading towards a net take-up totalling 175,000 sqm for the entire 2017”, said Silviu Pop the head of research at Colliers International Romania. The vacancy rate dropped to just over 9 pct in Q3 from nearly 12 pct in H1, as a consequence of a lack of new deliveries. A total of up to 100,000 sqm of office space is set to be delivered this year, and in 2018, the new deliveries will amount to more than 300,000 sqm.

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