2023-07-26-莱坊-European_Office_Dashboard_-_Bucharest_Q2_2023_2页_543kb

Q2 2023 Occupier Market Summary

This report analyzes occupier market activity in Europe for Q2 2023, highlighting key takeaways from knight frank research data. The quarter saw a resurgence in commercial real estate activity despite a slow start, with significant changes in vacancy rates, prime rents, and sector-specific performance.

Key Market Figures

• Take Up: 120,000 square meters of space leased or taken up, reaching the highest quarterly figure since Q4 2019 and representing the strongest quarter on record in the last 10 years.
• Vacancy Rate: Increased to 16% after a rise from 15% in Q1 2023, a 100 basis point year-on-year increase.
• Prime Rent: Climbed to €240 per square meter per annum, marking an 8% increase compared to Q2 2022.
• Transaction Activity: Total of 62 transactions were completed, doubling the 31 from Q2 2022; notable deals included Honeywell acquiring 24,000 SQM and Emag securing 10,000 SQM.

Sector and Deal Insights

• Sector Distribution: IT and Communications dominated activity, accounting for 48% of total take up; renewals comprised 50% of deal activity.
• Trends: Many relocations involved downsizing to better locations, with partial disposals noted in some renewals; new supply totaled 28,000 SQM, affecting vacancy rates.

Economic Context

The report includes supplementary economic indicators for Romania, showing recovery in new businesses and stable unemployment, with service sector expectations remaining positive amid regional growth challenges.