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.