Office contract renewal in Global City Business Park

“During this period, marked by the Covid-19 pandemic, the requests for relocation in new office spaces decreased, but we notice an increase for renewal and extension of existing leases. So, we are happy that we helped Global City Business Park in the negotiation for the contract renewal with Altex Romania  –  the main player on the electro-IT market”, says Simona Urse, Associate Director, Office Agency Crosspoint Real Estate.

The numbers confirm this trend: in the first quarter, more than 100.000 sqm were rented in Bucharest, of which 50% represented renewals and extensions, compared to 37% of 188.500 sqm, rented in 2019. The need for surface allocated to each employee has increased, so that many companies have expanded the rented space in office buildings or reconfigured the existing space, in order for workplaces to be as safe as possible.

“It is difficult to estimate what will happen by the end of the year, as there are uncertainties about the evolution of the global pandemic, but certainly the layout of office space will change and the area of office allocated per employee will increase significantly”, Simona concluded.