The total leasing activity of the Bucharest office market reached over 169,000 sqm in the first six months of this year, a 12% increase compared to the same period last year, according to an analysis by Crosspoint Real Estate, an international associate of Savills in Romania.

Although the office market is going through a challenging period, from the mass adoption of hybrid work to significant cost increases due to inflationary pressure, tenant interest appears to have increased after a first quarter that indicated a decline in demand for office space.

With a relatively equal proportion between renewals, renegotiations, subleases and new lettings (48% versus 52%), demand for office space in H1 2023 was concentrated in the northern part of the city.

The overwhelming majority of demand continued to come from the IT&C sector (37%), followed by the energy and industrial sector, with a 25% share of total rental volume in the first half of 2023.

iulian@romania-insider.com

(Photo source: 06photo/Dreamstime.com)