Bucharest had about 211,000 sqm worth of leased office space in the first nine months of the year, up 7% year-on-year, according to real estate company JLL.

The new demand for office space amounted to about 81,000 sqm during this period, or 40% of all rental activities on the office market. This means that companies plan to create about 8,000 - 10,000 new jobs in these offices, considering that one employee gets about 8-10 sqm.

The largest part of the new demand comes from companies that are active in the IT sector, which have opened this year new offices totaling over 42,000 sqm in Bucharest.

The relocations from other buildings reached 68,000 sqm whereas the renewal of old rental contracts totaled 62,500 sqm. In the last 2-3 years, local companies and multinational have shown an increased desire to open new offices and to expand the existent spaces.

editor@romania-insider.com