Bucharest metro traffic doubled in March after the pandemic related restrictions were lifted; employees are gradually returning to the office
The Q1 2022 new supply has been consistent, with three new deliveries in Bucharest, consisting of an extension of the Sema Parc project, namely the London & Oslo buildings (31,500 sq. m GLA in total), the first phase of the @Expo project (21,000 sq. m GLA) and the Tandem building (21,000 sq. m GLA), the total new supply in Q1 2022 reaching 73,500 sq. m.
The existing pipeline of under construction office projects (159,000 sq. m GLA) is relatively low, mainly as a result of the present bureaucratic issues in Bucharest, as very few real estate projects received their building permits during the last 12 months. One Cotroceni Park II, U-Center II, AFI Tech Park II or Equilibrium II are some of the most important projects that are expected to be delivered by the end of 2023.