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Romania, among top office markets in Central and Eastern Europe (consultants)

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Bucharest is among the largest and most mature office markets in Central and Eastern Europe, alongside Warsaw, Prague and Budapest, standing out through the growth of the green building stock and the integration of sustainability standards, according to a report published by a real estate consultancy company analysing the office markets in 11 cities in the region.

'Although the pace of new deliveries has slowed recently, sustainability remains a priority for developers. About 93% of the new office buildings in Bucharest, built in the last seven years, and 70% of older buildings (over 15 years old) have green certifications, reflecting a strong commitment to sustainability and energy efficiency,' shows a Colliers release.

In comparison, only Warsaw exceeds Bucharest in terms of green certifications, with 98% of new buildings being certified. The office market in Bucharest ended 2024 with a total leasing demand of almost 339,000 square metres, registering a 20% decrease compared to the historical peak in 2023, but still remaining above the average of the last five years.

'Office markets in CEE are undergoing a transformation, influenced by the aging building stock and increasingly strict decarbonisation requirements imposed by European regulations and global trends. Romania is an important player in the region, and although it is well-positioned in adopting sustainability standards, it still has a significant stock of old buildings, comparable to Bratislava and Budapest. Modernising these buildings represents a major investment opportunity, which can strengthen the competitiveness of the market in the long run and attract developers interested in meeting current sustainability requirements. The performance of green certifications increases the attractiveness of the local market for investors and contributes to creating a competitive business environment,' said Victor Cosconel, Partner | Head of Leasing | Office & Industrial Agencies at Colliers.

In fact, energy-efficient buildings in prime locations are more sought after by tenants, according to Colliers' leasing data. The vacancy rate for relatively new buildings in Bucharest, with a high percentage of green certifications, is in the single digits, while older buildings - often in less central locations and with lower energy efficiency - have a vacancy rate close to 20%. On the other hand, the data for 2024 shows a slowdown in the market regarding total leasing demand; however, new demand reached 116,000 square metres last year, similar to 2023.

With only one delivery in 2024 - AFI Loft, approximately 16,000 square metres - the modern office stock in Bucharest reached about 3.4 million square metres, with 31% of this stock built in the last 7 years, 27% built 8-10 years ago, and 42% delivered more than 15 years ago, according to the latest Colliers report.

The vacancy rate for modern office buildings built in the last 14 years was between 12-14% in 2024, compared to nearly 16% for buildings delivered before 2010. Colliers consultants note that demand for new, certified, and energy-efficient spaces remains high in Romania, as it does in other mature markets in the region. In Bucharest, newly constructed buildings (0-7 years old) have a much lower vacancy rate of only 5% and attract higher rents, showing tenants' preference for operational savings and modern facilities.

The limited delivery calendar for 2024 and 2025, could lead to a rent increase for class A offices in well-positioned locations, a trend amplified by the growing demand for spaces that meet sustainability standards. In Bucharest, office spaces in buildings up to 7 years old are leased at an average of 16.5 euros per square metre, compared to 13 euros per square metre for older buildings (over 15 years old).

Given that Bucharest does not have an oversupply of office space per capita, companies' efforts to encourage employees to return more frequently to the office could generate increased demand in the medium term.

Colliers consultants emphasise that the age and quality of buildings are not the only factors determining rent levels, as location is often the decisive criterion that leads tenants to choose certain areas. Thus, the rent for modern office buildings in Victoriei Square reaches 22 euros per square metre in many cases, and can even exceed this level for certain buildings. AGERPRES (RO - writing by: Cristian Anghelache; EN - writing by: Adina Panaitescu)

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