Office leasing activity during the first nine months of 2020 was overshadowed by the COVID-19 pandemic with all its implications from the imposed lockdown, health and safety procedures strictness, and economic uncertainty.
From the beginning of the year, 176,300 sq m were leased in Bucharest, out of which almost a half, respectively 46%, of the total area was signed during the third quarter.
Since the beginning of the year, seven buildings with a total gross leasable area (GLA) of 124,000 sq m were added to the Bucharest modern office stock*, which at the end of Q3 2020 totals 2.9 mln. sq m. Home to two new buildings, the Center – West sub-market inaugurated the largest share of the total new supply, meaning 31% in two buildings: The Bridge Building C with a total GLA of 21,200 sq m and Skanka’s Campus 6.3 gathering 17,600 sq m. The latter was the only office development delivered in the third quarter of the year and was fully pre-leased. The North – West sub-market welcomed in Q1 the largest building brought on the market this year, Ana Tower, with a total GLA of 34,000 sq m, which claims 28% of the new deliveries. With a share of 27% of the 2020 supply, Dimitrie Pompeiu sub-market benefits of Globalwoth’s development of 33,600 sq m in the last phase of the Globalworth Campus.
By the end of the year, Bucharest’s modern office stock will increase with approx. 59,000 sq m as four projects are preparing to wrap up construction works. Calea Floreasca/Barbu Vacarescu will benefit most of the future new supply, as an overwhelming share of 89% from of the total area will be hosted by this sub-market. The two large scale projects developed by Globalworth and One United, naming Globalworth Square and One Tower, have GLAs of 28,400 sq m and 24,000 sq m. The CBD office sub-market will welcome two boutique type projects: Mincu 3 and Rosetti Villa, each with a leasable area of 3,300 sq m.