Developers announce new office projects in a fast, speculative pace, but the demand in Bucharest will most likely be constant in the coming years.

The office vacancy rate will go up again after a slight decrease this year, according to real estate company JLL.

In the last two years, the demand for new office space was relatively stable and amounted to some 300,000 sqm. This led to a decline in vacancy rates amid lower deliveries.

"Next year, companies plan to deliver 300,000 sqm projects, but there are 500,000 sqm projects in the pipeline. This new stock is a warning sign because new demand represents only half of all transactions in a year, the rest are relocations or renegotiations," said Marius Scuta, head of JLL office in Bucharest, cited by local Mediafax.

editor@romania-insider.com