CBRE: Over 240,000 sqm of office space were traded in 2020, IT companies most active

The office space market in Bucharest registered a total volume of transactions of approximately 240,000 sqm in 2020, a level similar to that of 2015, according to CBRE, the leader in the real estate consulting market.

The local developer One United was, together with the investment funds Immofinanz and Globalworth, among the most active players in the office market, both in the relocation segment and in the one of the existing contract extensions.

Over 140,000 sqm of the total area traded on the office market in Bucharest was represented by relocations and pre-leases from companies that decided to change their currently occupied office space. The most active industries were IT&C and the consumer and leisure goods industry, which generated over 50% of the net demand on the office market, according to CBRE Research.

The most active developers, which managed to attract over 50% of net demand, were: One United, with almost 30 per cent of demand, followed by Globalworth, Vastint and Speedwell.

“2021 is a year of decisions. For comparison, last year, many companies chose to wait or postpone making such an important decision as changing offices. This trend was less visible in Romania compared to the countries of Central and Eastern Europe, given that 60% of the volume traded in Bucharest was represented by relocations. But the decisions that are being made now are much more complex than in previous years: from the way companies want to integrate work from home and the use of the office itself to the buildings where they choose to be present, which can become real destinations “, said Tudor Ionescu, Head of Advisory & Transaction, Office, CBRE Romania.

In terms of total traded volume, which includes, in addition to net demand, extensions and renegotiations of leases, IT&C companies and the consumer and leisure goods industry remained the most active. Among the owners who have extended most contracts in the office buildings they own are Immofinanz, AFI Europe, Globalworth and Vastint.

“The pandemic has brought to the forefront the security that buildings offer. The owners have taken new health and safety measures and not infrequently companies have asked to what extent office buildings can accommodate playgrounds for children or even kindergartens. The services that an office building will be able to offer in the near future become key in motivating the people who work in these spaces, whether we are talking about medical clinics in the office building, wellness and rooms for meditation or multiple dining options. , including outdoors. Such related services and an efficient administration of the building can support a rent difference of 10-30% “, added Tudor Ionescu.

The total stock of offices in Bucharest reached 2.95 million sq m at the end of 2020, after ten buildings were completed during the year, with a total area of ​​over 155,000 sq m. By the end of this year, another approximately 250,000 square meters of offices will be delivered, half of these spaces being already pre-rented, according to CBRE Research data.

Among the most active developers, which will deliver the largest office space in 2021, are One United, Skanska, Forte Partners and Atenor.