Up to 20% of the office spaces currently occupied could become vacant in the next period. The demand for offices will also record a decline of about 30% this year compared to last year, according to local real estate consultancy firm 24REAL, which specializes in office leases of up to 1,000 sqm.

The firm says the effects of the COVID-19 pandemic have started to show on the local office market.

“Companies that three months ago were looking to lease 1,000 sqm, for example, today are looking for a third of that surface. These are companies in the technology area that can function almost exclusively online,” said Constantin Capraru, managing partners 24REAL, Economica.net reported.

“We estimate that up to 20% of the occupied offices will become vacant because of business downsizing and process optimization,” he added.

Capraru believes that the landlords will become more flexible in dealing with their tenants.

The agency also estimates that the net office takeout this year will reach 250,000 sqm, down from 350,000 sqm last year.

editor@romania-insider.com

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