Colliers: The office market neared the 3 million square meters milestone, and the new supply remained well received in Bucharest in 2020

2020 was one the poorest in the last decade for the Bucharest office market in terms of demand, reflecting uncertainties generated by the effects of the Covid-19 pandemic on the tenants’ plans. Overall, gross take-up declined by 40 percent compared to 2019 to 214,000 square meters, the lowest level since 2012, while new demand stood at around 70,000 square meters, according to the 2020 annual report released by Colliers. The effects of the “pandemic year” continue to be felt in the Bucharest office sector in 2021, with a recovery likely to last several years.