The demand for modern office space in Bucharest reached 97,300 sqm in the first three months of this year, according to local real estate consultancy Knight Frank.

The average size of a rental deal went up by a third, from around 1,800 sqm in the first quarter of 2016 to approximatively 2,400 sqm in the first quarter of this year.

Over 55% of the demand for office space in this period came from contract renegotiations and renewals, especially in the IT and auto sectors. The biggest deal was the renewal of a 20,000 sqm lease in Pipera.

Meanwhile, the Calea Floreasca/Barbu Vacarescu office hub was on top in terms of overall demand, with about 30% of the total leased surface.

Knight Frank, which is led by Romanian Horatiu Florescu, has been involved in office rental deals totaling some 31,00 sqm in the first quarter. Over 190,000 sqm of new office space will be delivered in Bucharest this year.

editor@romania-insider.com