After the strong first two quarters, Q3 2019 experienced a decrease in the demand of office space in Bucharest. Total gross transaction volume reached 60,800 m² marking a 44% drop when compared with the previous quarter, and approximately a 18% decrease when compared with Q3 2018. The average transaction size was 1,100 m². Net take up accounted for 42,200 m² roughly 50% of gross take up during the period.
However if we consider the first nine months of the year, almost 281,300 m² were let in total in Bucharest, representing a 33% increase in comparison to the same period last year (Q1- Q3 2018 when only 211,300 m² were let).
Assuming that Q4 will record a transaction volume comparable to the median of the previous three quarters, by the end of the year there could be transactions of up to 375,000 m² for Bucharest alone Q3 experienced a slight increase in the vacancy rate from 7.5% in Q2 to 8.2% after strong new office deliveries during the first 9 months of the year.