People of Cushman & Wakefield Echinox
The Q4 2022 office supply in Bucharest consisted of the 2nd building of the Equilibrium project (19,900 sq. m GLA) developed by Skanska in the Floreasca – Barbu Vacarescu submarket, thus bringing the total 2022 new supply to 124,000 sq. m GLA, the lowest such total since 2015. Therefore, the office stock in Bucharest was of 3.32 million sq. m at the end of the year. Q4 has been a very robust quarter in terms of demand (101,000 sq. m being transacted, the highest quarterly amount since Q4 2019), with the total for the year reaching 324,000 sq. m (+8.6% compared with 2021), as the net take-up (excluding renegotiations) had a share of 57% (vs. 56% in 2021). The overall vacancy rate increased to 15.2%, a level consistent with the last 18 months.
