In 2024, only one major project was completed: the AFI Loft, providing approximately 16,000 sqm of office space.

The report also shows a decrease in total leasing demand, down by 18% year-on-year. However, new demand remained at a similar level to 2023. In addition, there is a visible trend of companies encouraging employees to return to the office, which is driving increased interest in modern, energy-efficient workspaces.

Colliers experts highlight a segmentation within the market: the top 20 buildings with the largest unoccupied spaces have a vacancy rate of 33%, while the remaining office projects have a vacancy rate of around 7%. This disparity underscores the increasing preference for newer, well-equipped buildings in prime locations.

“According to preliminary data, total leasing demand declined to approximately 340,000 sqm last year. In contrast, new demand remained stable at 116,000 sqm, slightly above the 2023 level. The gap between total and new demand reflects the impact of lease renewals, as large companies postponed decisions due to uncertainty surrounding the post-pandemic hybrid work model. Now that many of these contracts have been settled in the years prior, the market is gradually stabilizing. Even so, new demand - which includes only contracts that lead to a positive impact on overall occupancy rates - remains below the decade-long annual average of 126,000 sqm and significantly lower than the record high of approximately 170,000 sqm in 2017,” says Victor Coșconel, Partner | Head of Leasing | Office & Industrial Agencies at Colliers.

Looking ahead, Colliers consultants anticipate that company expansions will be more selective compared to the pre-pandemic period. New demand could see a slight decline in 2025. 

However, the vacancy rate is expected to continue decreasing due to limited availability and a lack of large projects under development.