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.
Six months into Donald Trump's second mandate as president of the United States, Romanian citizens are among the most pro-Trump Europeans. Most believe that his presidency is a good thing both for the country and for world peace. According to an opinion poll conducted in 12 European countries by the European Council on Foreign Relations (ECFR), 41% […]
Făgăraș Fest 2025, taking place between July 11-13 in the village of Sebeșu de Sus, Racovița commune, Sibiu County, announced its program on Tuesday, June 24. Activities include open-air music, hikes, guided nature tours, debates, and many more. Festival goers will be able to listen to well-known rock bands such as Subcarpați and Vama, and […]
The Romanian Parliament has elected new leaders for its two chambers following the formation of the new government led by prime minister Ilie Bolojan. Sorin Grindeanu, the interim leader of the Social Democratic Party (PSD), was confirmed as president of the Chamber of Deputies, while Mircea Abrudean of the National Liberal Party (PNL) was elected […]
Former tourism minister Elena Udrea received on Tuesday, June 24, approval for conditional release from the commission at the Târgșor women’s penitentiary, where she is incarcerated, News.ro reported. Next,...
Dr. Mireille Rădoi, General Director of the “Carol I” Central University Library in Bucharest, took part in the 16th edition of the Alba Transilvana Book Fair, held on June 20–22 in Alba Iulia. Organized by the “Lucian Blaga” Alba County Library, the event gathered hundreds of writers, publishers, educators, researchers, and passionate advocates of written […]
Romania ranks 49th in the 2025 edition of the World Competitiveness Yearbook, a report compiled by the International Institute for Management Development (IMD) and published in Romania by CIT-IRECSON, the Technological Information Center. The global top three are Switzerland, Singapore, and Hong Kong, according to a press release quoted by news agency
