People of Cushman & Wakefield Echinox
The Q3 new supply consisted of the 2nd building of the U – Center office project (32,500 sq. m GLA) developed by Forte Partners in the Center submarket, with the 2023 YTD new deliveries totaling 102,500 sq. m, as the office stock in the city reached 3.41 million sq. m. Moreover, Q3 2023 set an all – time quarterly record in terms of demand in Bucharest, with 157,100 sq. m being transacted, as the 400,000 sq. m yearly threshold is expected to be broken by the end of 2023 for the first time (347,200 sq. m were transacted in the Q1 – Q3 period, corresponding to a 56% y-o-y increase). However, the net take – up had a share of only 35% in the total leased volume in Q3, as the vacancy rate saw a minor increase from 14.8% to 14.9% Q2 vs. Q3.
