JLL had last year a share of almost 34% in the office space rental market, more than double that of the second occupant, CBRE. Thus, out of the total transactions with office space made through agents in 2020 at the national level, of about 225,000 square meters, JLL was involved in renting 76,000 square meters.
“Even though 2020 has been a difficult year for the entire local real estate market and beyond, I am proud that our team has managed to remain the market leader for the third consecutive year in a difficult segment tried by this crisis. Moreover, JLL managed last year, among other things, to make the largest rental transaction ever made on the office market outside Bucharest, on a hill of over 30,000 square meters. The experience, flexibility, and especially the adaptability of the JLL team, as well as the trust of our customers, were what allowed us this performance. I want to thank them in this way! ”, Said Marius Scuta, Head of Office Department and Tenant Representation of JLL Romania.
The office market in Romania had a 36% decrease last year from the record level of 470,000 square meters recorded in 2019 to 300,000 square meters (areas include transactions made through agents and those concluded directly between landlord and tenants).
Even if the number and, implicitly, the volume traded in 2020 decreased significantly compared to 2019, the average value of a transaction is higher than last year, respectively 1,652 sqm vs 1,560 sqm.
The net demand totaled almost 120,000 sqm, respectively 40% of the total leased area in 2020. The rest of the transactions were represented by renewals, renegotiations, and relocations in the competitive stock. For comparison, in 2019, net demand accounted for almost 60% of the total volume of rental transactions.
“Almost 120,000 square meters of office space representing new demand means that offices have been rented for at least 12,000 new employees. It is less than in 2019, but it is encouraging to see companies that have continued to expand and create new jobs despite the uncertainties and changes that have appeared on the labor market in 2020 ", said Marius Șcuta, Head of Office Department and Tenant Representation JLL Romania.