Romanian real estate advisory practice Griffes announces the leasing of 6,000 sqm of office space in Unirii View, one of Bucharest’s most prominent Class A office buildings. Out of the 6,000 sqm leased, 2,000 sqm represent new tenants joining the tenant palette, while 3 tenants expanded operations and grew their space take up in the building.
The transactions were concluded with companies operating in the business services and IT sectors, against the backdrop of a tightening Bucharest office market, where average vacancy rate has fallen below 12%, while availability in central locations is significantly lower, particularly for large, modern spaces in Class A buildings.
“With new office deliveries remaining limited, well-positioned assets in central areas such as Unirii View continue to outperform, attracting tenants that are making strategic, long-term decisions about their workplaces. For the first time in nearly 20 years, the Bucharest office market has gone through an entire year without the delivery of any new office developments. This prolonged pause in new supply has intensified the mismatch between available space and tenant demand, pushing vacancy in Class A buildings in the Center submarket down to a record-low 3%. At the same time, prime assets have seen rental levels increase by 5%, further widening the gap between high-performance office buildings and older stock. In the next years, this dynamic is expected to persist, with occupiers placing growing emphasis on workspace quality, employee well-being and ESG alignment, while developers calibrate future projects to respond to these priorities.”, said Andreea Păun, Managing Partner Griffes.
Unirii View has a total gross leasable area of approximately 18,000 sqm and an occupancy rate of 100%, being owned by the Belgian developer Weerts Group. The building hosts a diverse mix of international and local occupiers, including companies such as Google, H&M, Red Bull, IWG. Weerts Group is headquartered in Liège, Belgium and has operations in Belgium, Luxembourg, Germany, Hungary and Romania. Weerts Group is a family-owned business active in 3 different yet complementary fields of activities: Real Estate, Logistics and Racing.
Around 400,000 sqm of office spaces are unoccupied in Bucharest, the highest availability being reported in the Pipera and Expozitiei submarkets. There is still a significant discrepancy between A and B-class projects in terms of vacancy rates, a difference which could be addressed through investments made with the purpose of modernizing and bringing old buildings to current standards.
More than 150,000 sqm of office spaces are currently under construction in Bucharest, being due for delivery in 2026 and 2027. Although these projects may signal a development activity recovery, the overall pipeline remains well below the market’s potential, a market which registered an annual average of 150,000 sqm of new office spaces completed over the past decade.
The total office stock in the Center area is 450,000 sqm, while the total Bucharest’s modern office stock is 3,5 million sqm.
