Bucharest metro traffic doubled in March after the pandemic related restrictions were lifted; employees are gradually returning to the office
The modern office stock in Warsaw, Prague, Budapest and Bucharest at the end of H1 2014 was of 12.6 million sq. m. Warsaw continues to be the largest office market, with 4.3 million sq. m, followed by Budapest with 3.2 million sq. m, Prague with 2.96 million sq. m and Bucharest, with 2.11 million sq. m of modern office space.
Compared with H2 2013, the office stock in CEE’s main capitals at the end of H1 2014 increased by 3%. In the first six months of 2014, approximately 387,000 sq. m of new office space was completed.
The largest office supply was delivered in Warsaw – 190,000 sq. m, while Budapest saw the delivery of only 51,000 sq. m. In Prague, new office completions accounted for 77,000 sq. m, while in Bucharest in the first six months of 2014 there were approximately 69,000 sq. m of new office space delivered.
The largest office project delivered in H1 2014 was completed in Warsaw – 38,700 sq. m, being also the only office project delivered that has a rentable area of over 30,000 sq. m. Overall, most of the office projects completed in CEE’s main capitals in H1 2014 have rentable areas ranging between 4,000 sq. m – 24,000 sq. m.
In H2 2014, another 304,000 sq. m of office space are scheduled for completion, Prague and Warsaw being the leaders with more than 100,000 sq. m currently under construction. On the other hand Budapest will continue to register the lowest level of completions, with only 14,000 sq. m remaining to be delivered by the end of the year. The level of completions scheduled for H2 2014 in Bucharest is of 64,000 sq. m.
In total in 2014 new supply is of 690,000 sq. m, being with 24% higher compared with 2013. Going beyond and analyzing the pipeline for 2015, currently under construction with delivery next year are 479,000 sq. m of office space, divided as follows: 48% in Warsaw, 34% in Prague, 17% in Bucharest and 2% in Budapest.