US tech company Oracle is going to give up at least a third of the 55,000 square metres (sqm) it has leased in three office buildings in the northern part of Bucharest, according to Profit.ro. The cut could be as deep as 70%.

Coming after the second-largest bank, BCR, announced plans to renounce a quarter of its office space in Bucharest, this does not bode well for the office segment of the real estate market in Romania’s capital city. The trend is driven by the work-from-home option, which is increasingly popular among large corporations.

The three buildings where Oracle currently has offices are Oregon park, Floreasca Park and Sky Tower.

Sources familiar with the developments say that Oracle intends to give up at least 20,000-30,000 sqm of the offices occupied today in Bucharest, with dramatic scenarios indicating the possibility of being left with only 16,000 sqm – which is equivalent to a 70% reduction in leased space.

andrei@romania-insider.com

(Photo source: Inquam Photos/Octav Ganea)