“At Queens District, we have the Detailed Urban Plan (PUD), and construction will start this year, with an estimated delivery in Q2 of 2027,” stated Didier Balcaen, CEO and Co-founder of Speedwell.
Located across from the Nusco City project, Queens District will also include 237 residential units and 3,700 sqm of retail space. According to Balcaen, Queens District will be among the first zero-carbon office buildings in Romania, using renewable energy. The company aims to create "a green and vibrant community in an area highly sought after by both businesses and residents."
With a total leasable area of 23,000 sqm of Class A office space, Queens District is designed to offer operational costs up to 40% lower than the typical market standard, as explained by Speedwell’s founder, who has not disclosed the investment value. The office component will consist of two buildings, each with eight floors and 268 parking spaces. The floor areas will range from 2,400 to 3,300 sqm, offering multiple layout options, and the project is scheduled for delivery in the first half of 2027. The real estate investor has focused on the proximity of public transportation, especially the nearby Aurel Vlaicu metro station, which remains a key selection criterion for companies looking for modern office space.
In the main office hub of the capital, no new office space has been delivered since 2022, when the second phase of Skanska’s Equilibrium project was completed. However, an office component is expected to be delivered by NEPI Rockcastle as part of the Promenada Mall expansion. Additionally, in the same area, Nusco has confirmed that it is not abandoning the office component of its future Nusco City Phase 3 development.
Speedwell is also constructing the office component of the Paltim Timișoara project. As part of a mixed-use development that includes residential and retail components, located along the Bega River, Paltim Offices will offer over 15,000 sqm of modern office space.
“The building, which will complete the residential/office/retail mix at Paltim, is estimated for delivery in Q4 2026. Of course, this also depends on maintaining the good pace of dialogue with public authorities,” explained Didier Balcaen.
Additionally, Speedwell is working on a large-scale redevelopment project for the former Griro platform, CityZen, covering 11 hectares. The company plans to develop a complex with multiple functions, including office, residential, public, retail, and educational spaces.
However, the project remains stalled due to a four-year-long administrative blockage and a “lack of dialogue,” as Balcaen pointed out.
The modern office space market continues to be affected by the lack of new deliveries. After just one project, AFI Loft, was completed in 2024, 2025 is expected to see even fewer new modern office spaces. It is only in 2026 that two new projects might be delivered, with a total of 50,000 sqm GLA.
“As expected, this situation has led to another year of strong leasing activity. 2024 has been the third most active year since 2008, with slightly over 383,000 sqm leased. This has been largely influenced by renegotiation transactions, which accounted for more than half of the total deals, clearly demonstrating tenants' fears that they will soon struggle to secure office spaces,” said the Speedwell representative.
IT&C companies continue to dominate the leasing market, followed by businesses in the services sector (for consumers or businesses). Given the low supply of new office deliveries and the increasingly visible trend of companies increasing the number of employees working from the office, Speedwell anticipates dynamic leasing activity among local market companies.
