Bucharest Office Marketbeat Q3 2024

A take-up of 93,700 sq. m was recorded in Q3 in Bucharest, thus bringing the YTD total to 261,700 sq. m, a level 25% below Q1 – Q3 2023, an expected decrease in a context where not a single building was delivered throughout 2024 and also when considering that 2023 was a record year for the Bucharest office market in terms of leasing activity. The net take-up had a share of 46% in the YTD demand and the overall vacancy rate in the city has seen a consistent downward movement in the past 12 months, to 14.0% in Q3 2024 (vs. 14.9% in the same period of last year), a trend which is expected to continue on the short and medium terms, before a series of new projects which have just kick-started construction works are due to be delivered.