THE BUCHAREST OFFICE MARKET HAS REACHED A POINT OF EQUILIBRIUM IN Q1 2024, FOLLOWING A SERIES OF VOLATILE YEARS.
We surveyed the most dynamic players for the trends that shape the new design of work in 2024.
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Benefitting from a spillover effect from the wave of heightened activity during H2 2023, the overall market activity rose by 63% y-o-y, up to 95,000 sq m transacted. However, the take-up represented merely 35% of the total demand, mostly emerging from relocations from non-competitive to competitive properties.
“For CPI Property Group Romania, a company with a consolidated portfolio of over 365,000 sqm., the beginning of the year was a very dynamic one. From the point of view of the leasing activity, we closed the first quarter with very good results. Until now, we have managed to secure over 22,000 sqm in the local office portfolio, in projects such as myhive S-Park, IRIDE Park or myhive Metroffice”.
The vacancy rate slightly dropped to 14.3; however, in analyzing the vacancy rate it is important to differentiate between the value proposition properties and infrastructure offer. Well-serviced sub-markets that represent a melting point for a radial display & traffic-intensive city, such as Central Business District, Floreasca – Barbu Vacarescu, and Center, register a vacancy rate below 7%.
“Hagag is now one of the most flexible developers on the local market. If the offer is concentrating towards conventional spaces and serviced offices (long & short term), we take into consideration a new model, to cater for medium short leases”.
THE NEW DESIGN OF WORK 2024
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