The office market in Cluj-Napoca was extremely dynamic in 2024, registering 22 transactions out of a total of 37 completed in cities outside Bucharest. At the national level, outside the Capital, 49,044 sqm of office space were rented, of which 40,477 sqm in Cluj-Napoca.
Regional and university centers evolved at a different pace in terms of office demand. In Timișoara and Brașov, for example, rents are considerably lower than last year, but there are ongoing negotiations with companies that could enter these markets, with their completion expected by the end of the year.
"There is a positive trend in the office market in Cluj-Napoca. This year, Cluj is in first place, far from the other cities. The growth was robust, both in the segment of new space rentals and in the segment of lease renewals, with the share being almost equal between the two options – to move or to keep the premises. Last year, this municipality was in third place in the list of cities, in terms of rental transactions, including renegotiations, the first places being occupied by Timișoara and Iași, but this year it has noticeably detached itself", declares Nicolae Ciobanu Managing Partner - Head of Advisory at Fortim Trusted Advisors, member of the BNP Paribas Real Estate Alliance.
Among the notable companies that rented offices in Cluj-Napoca are: Orange, with a space of 2,000 sqm in Hexagon Offices, Banca Transilvania, also 2,000 sqm, new request, Endava renewed a contract for an area of 4,300 sqm, in United Business Center Tower.
In Timișoara, in the first nine months of 2024, eight modern office transactions were completed, including relocations and contract renegotiations, with a total area of 6,064 sqm. The largest contract was a renegotiation carried out by the SAP company, in the AFI Park Timișoara building, with an area of 2,000 square meters.
On the third place in the list of cities is Brașov, with three transactions totaling an area of 1,563 square meters. Regarding the tenants' preferences, the companies Mitel and Fortech chose the Coresi Business Park project, and Softone went to AFI Park Brașov.
The evolution of companies moving to Cluj-Napoca
In Cluj-Napoca, a first lease cycle is coming to an end for the newest office buildings in the city, and as a result, a wave of renegotiations and moves between existing buildings is registered.
The first substantial deliveries of new office space are expected to take place in 2026-2027, as several previously announced office projects have been delayed despite having planning permission.
As for new leases, companies moving their headquarters, they accumulated an area of 19,122 sqm in the first nine months of 2024, a record of the last three years. In 2023, new premises totaling 10,452 sqm were rented throughout the year.
