2023-11-28-莱坊-European_Office_Dashboard_-_Bucharest_Q3_2023_2页_545kb

报告摘要

Power BI Dashboard Summary: Q3 2023 Report on Bucharest Office Market

Overview

This quarterly Power BI Dashboard update provides a concise synopsis of occupier activities in Europe's markets, with a focus on Bucharest office market data for Q3 2023. Data is sourced from Knight Frank Research and analyzes take-up, rents, vacancy rates, and economic indicators in Romania.

Key Market Findings

Lease Take-up: In Q3 2023, Bucharest's office market saw a record 155,000 square meters leased, bringing the total take-up for 2023 (Q1-Q3) to 321,000 square meters—an increase of 16% compared to the same period in 2022 and the highest in the last 10 years. There were 65 deals, with nearly 60% being renewals, driven by limited new space availability. The IT & Communications sector led with 41% of volume, followed by Banking & Finance at 18%.
Prime Rents: Prime rental rates remained stable in Q3 at €240 per square meter per quarter, a 8% year-over-year increase. The vacancy rate stayed unchanged at 16%, indicating sustained demand.
Submarket Activity: The Floreasca/Barbu Văcaruș submarket was the most active, accounting for approximately 22% of total leasing activity (around 72,000 square meters). Other key areas included Dimtrie Pompeiu (65,000 square meters, 20%) and Center-West (18%).
Construction Outlook: Construction completions in Q3 totaled 32,500 square meters, pushing the yearly total to 102,500 square meters. However, future deliveries are expected to decrease due to fewer approvals, potentially reducing average annual completions from 200,000 square meters in recent years. This shift may increase landlord advantage and upward rent pressure.

Economic Indicators in Romania

New Business Starts: Romania's new business creation has slowed but remains strong, with a 12-month rolling average showing vitality, supporting economic growth.
Unemployment Rate: The rate declined to 5.4% in September, with historically low unemployment-to-job-vacancy ratios, indicating a robust labor market.
Employment and Services Confidence: Employment expectations for the next three months dipped slightly in Q3 (Q3 reading = -0.9), the lowest level since January 2023. Despite this, service sector confidence indicators remained positive but edged down throughout the quarter.