The rental market was on the tenants’ side in the first three months of 2023. In facts that tenants chose the best areas with the most amenities. For the first time, the CBD area (Central Business District), around Victoriei Square, is in the first place in the top demand in Bucharest. CBD market share reached of 32% of the total.
In the CBD, office space of over 12,000 sqm was rented, as well as together in the West, North, South, East and Pipera areas.
On the second place, there is Barbu Văcărescu – Floreasca area, with 18% of the rented area and on the third place the central area.
“Location has always been important in choosing an office space, but now this criterion has stood out even more. Over the past five years, tenants have been tracking the last buildings in advanced stages of construction or recently delivered to the newest market spaces. Since 2022, a downward trend in deliveries has begun, which will last at least three years “, comment Nicolae Ciobanu Managing Partner- Head of Advisory, from Fortim Trusted Advisors, an alliance member of BNP Paribas Real Estate.
Among the office buildings in the Central Business District (CBD) where new tenants will move are America House, Crystal Tower, CDG Plaza, D’Or Offices and the Cube Victory Center. These office buildings are in the heart of the city, close to the Victoriei Square, Magheru or Aviatorilor metro stations.
In Barbu Văcărescu – Floreasca area, which is on the second place in the top of preferences, the office tenants chose the AFI Park Floreasca, Equilibrium and Sky Tower buildings.
After that, the central area was also in great demand, being in the third place in the top. After all, due to the tenants who turned to boutique office buildings, smaller in size, but located in the historical area of Bucharest.
What kind of spaces have chosen the IT&C companies
In Q1 2023, the IT&C sector was again in first place among companies that signed lease agreements or renewal of office space.
New office spaces will have employees from the companies AdsWizz, Softserve, Bitsoftware and Digitain, who will move to the office buildings AFI Park Floreasca, Equilibrium, Campus 6.2 and Matei Basarab 20.
In terms of contract renewals, IT&C companies have remained in place in office buildings located in good areas, with access to the subway and with greater flexibility of the owner for negotiation.
