Overall, the Bucharest office market is in good shape currently and has weathered better than we had anticipated the pandemic period. That said, it is not out of the woods yet. As real estate tends to be a reflection of the overall economy, we remain quite concerned by the risks of a global recession (given ongoing economic weakness in China, lingering global supply chain issues, the Russian invasion of Ukraine and the Federal Reserve tightening policy in the US), which would hit Romania particularly hard given the country’s internal imbalances.
