The modern office space in Bucharest exceeded 2.5 million sqm at the end of 2015, up by 4% compared to 2014, according to a study by DTZ Echinox.

Seven office buildings were delivered in Bucharest last year, with a total rentable area of 85,000 sqm. It was the lowest level in the last three years.

The demand for modern office space reached 180,000 sqm. It was split between new demand (63%) and relocations within the modern stock (37%). For the first time after 2008, the ratio between the new demand and the relocations within the modern stock has reversed.

The companies operating in the technology and telecom sectors accounted for 70% of the new demand.

About 72,000 sqm were pre-leased last year, or 40% of the net demand.

editor@romania-insider.com