Bucharest City Report
Q3 2019

Solid occupier demand encourages developers to invest more in industrial, logistic and offices premises in Romania, with focus on Bucharest market primarily.

November 27, 2019

Close to 281,300 sq m of office spaces were let in total in Bucharest, representing a 33% increase when compared to the same period last year (Q1-Q3 2018).  Assuming that Q4 will record a transaction volume comparable to the median of the previous three quarters, by the end of the year there could be transactions of up to 375,000 sq m for Bucharest alone. 

New office deliveries of 82,300 sq m were concluded in Bucharest in Q3 2019. Over the first 9 months of the year, the office stock in the city increased by 262,000 sq m. Another 20,600 sq m are expected to be delivered in Q4, bringing the total deliveries volume for 2019 to 282,600 sq m. That represents twice the office stock completed in 2018, of 141,800 sq m.

On the retail market, most new retail projects for 2019 are awaiting delivery during Q4, when over 140,000 sq m are expected to be added to the modern stock.

Industrial sector witnessed a strong demand during the first 9 months of 2019, transaction volumes reaching approximately 337,000 sq m, almost 78% growth when compared with the same period in 2018, when total take-up reached 189,300 sq m.

The deliveries of new industrial and logistic spaces accelerated during Q3 reaching 171,000 sq m, Bucharest having the largest share, with over 40% of total deliveries, followed by the Center region, with almost 26% of deliveries. Thus, modern stock in Romania totaled 4,19 mil. sq m at the end of Q3.

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