The average area of an office space transaction was 1,810 square metres in the first nine months of 2023, the highest level of the last four years and close to that of 2019, when it registered a historical record of 1,900 square meters, according to a survey conducted by a real estate consulting company.Compared to 2022 and 2021, the average area of an office space transaction this year increased by 35%, a dynamic that was reflected in the total leasing activity in the first nine months (of 347,000 square meters), 56% above the volume in the similar period last year. Moreover, the third quarter set a historical quarterly record in terms of demand for office space, with a total area of 157,100 sqm contracted in Bucharest, according to a Cushman & Wakefield Echinox release.According to the quoted source, if the rental activity remains at least at the level of the first 3 quarters, we may see this year, for the first time in history, the threshold of 400,000 sqm of traded office space exceeded. However, net demand (excluding renegotiations of existing contracts) accounted for 35% of the total volume let in Q3, and 44% in the first nine months. The vacancy rate showed a minor decrease to 14.9% compared to the beginning of the year when it was 15.2%.In the third quarter, the second building of the U-Center office project (32,500 sqm GLA) developed by Forte Partners in the central area of Bucharest was completed, so that in the first nine months of the year deliveries of new office space totalled 102,500 sqm, bringing the stock to 3.41 million sqm.As for the projects under construction, the supply is quite limited (80,000 sqm of such spaces), the lowest level of the past 16 years, due to uncertainties related to urban planning issues.Cushman & Wakefield Echinox, Cushman & Wakefield's exclusive, independently owned and operated affiliate in Romania, comprises a team of over 80 professionals offering a full range of real estate consulting services to investors, developers, landlords and tenants.
The longest theatrical event in the world, “Horror Vacui,” will take place in February in Bucharest, as announced by the A.R.T. Fusion Association. The event consists of a large-scale artistic act supported by over 500 actors, which will take place between February 15 and 22 at the Galateca Art Gallery in Bucharest, for 7 days, 24 […]
Romanian voters who live abroad can register starting today, January 20, to vote in this year's presidential elections, the Permanent Electoral Authority (AEP) announced. Voters who live abroad can register on the website votstrainatate.ro. The website has sections for those who wish to vote at a polling station abroad and those who plan to vote […]
Romania won 35 medals at the IISA 6th Ice Swimming World Championship held between January 13-19 in Molveno, Italy. Eight of the medals were won in the overall rankings, of which two gold, two silver, and four bronze. Another 27 medals were earned in the age category rankings - ten gold, nine silver, and eight […]
The Romanian Intelligence Service, or SRI, said it prevented a sabotage operation planned in a way “specific to the Russian services” in the summer of 2024. The sabotage attempt happened in July-August 2024, and SRI managed to prevent its execution by identifying the perpetrator, a Colombian citizen, just before he could act. The man, Luis […]
A Romanian Library Corner will be inaugurated this month at the Worcester County Library in Ocean City, Maryland. According to an announcement from the Romanians of DC organization, the event is scheduled for January 24. The Romanian Library Corner has been established with funding and support from Romanians of Washington, DC, and in partnership with […]
Bird mortality due to electrocution is a major conservation issue, with uninsulated medium-voltage power lines, often used by birds as resting spots, posing one of the greatest risks to these species. In this context, the Romanian Ornithological Society (SOR) partnered with Rețele Electrice România to install insulating sleeves on medium-voltage poles in the central area […]
