Bucharest City
Report Q4 2019

Bucharest is the main destination for developers of industrial, logistic and offices premises. Over 1 million sqm of new projects – office and logistic - are planned to be delivered in 2020, mainly in the Capital City.

February 26, 2020

After the demand slowdown in the third quarter of 2019, Q4 experienced a strong increase in the demand for office spaces in Bucharest. Total gross transaction volume reached over 107,200 m².

That is 70% higher when compared with the previous quarter of 2019, but with approximately 13% lower when compared with Q4 2018. The average transaction size in Q4 2019 was of 1,600 m².

Net take up accounted for 90,300 m², or over 80%of gross take up during the period.

However, if we consider the whole year, approximately 388,500 m² of office space were let in total in Bucharest, representing a 16.3%increase in comparison to 2018, when 344,000 m² were let.

A similar transaction volume is also expected for 2020, as tenants continue to grow their businesses and show high interest for both existing quality buildings and projects in the pipeline.

Another 205,000 m² are expected to be delivered in 2020. This represents approximately 73% of the office stock delivered in 2019, which experienced record deliveries.

For 2020 it is expected the delivery of at least 180,000 m² of GLA of new modern retail schemes. Only 12.4% of all deliveries will be in Bucharest.

In total, in 2019, approx. 650,000 m² of modern industrial and logistics warehouses were delivered nationwide. Thus, at the end of Q4, the modern industrial stock in Romania reached over 4.46 million m².

2020 looks even more promising than 2019 in terms of new deliveries. Over 830,000 m² are expected to be added to the market.

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