The rented office space in the first half increased by 17.6 percent, over 40 percent represented new demand, says JLL

The second quarter of 2019 reconfirmed the increased interest for office market in Romania. Over 115,000 square meters of office space were rented over this period at the national level, a value similar with that registered in the second quarter of 2018.

In total, 239,500 square meters of office space were leased nationwide in the first half of 2019, up 17.6 percent from the first six months of 2018, when approximately 203,600 square meters were rented, according to data from JLL.

Transactions concluded in the first half of this year represent about 60 percent of the total volume registered last year, nearly 400,000 square meters. If the current pace is maintained in the last two quarters of the year, then the overall level of 2018 could be exceeded by at least 20 percent.

“The office market continues to perform in 2019, showing that this real estate segment has reached a certain maturity state. The presence of professional developers, with rich experience and strategies in line with the new tenants’ requirements, has helped the market to mature. This translates into a balance between supply and demand and slightly fluctuations in vacancy rates and average rents,” said Marius Şcuta, Head of Office Department and Tenant Representation JLL Romania.

Most of the tenants who rented office space in the second quarter are company active in IT, medical and pharmaceutical, and the manufacturing sectors.