In the first months of 2024, the demand for class A office spaces in major cities totaled 17,672 sqm outside the Capital, according to an analysis by Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance. The demand for Cluj-Napoca totaled 14,452 sqm, which represents 82% of the total.
"In Cluj-Napoca, the office market has experienced a significant organic development in recent years, becoming the second largest regional market in Romania, after Bucharest. The stock of office space in Cluj-Napoca has quadrupled and reached a mature market, with 37 modern office buildings, totaling a total area of 337,441 sq m, reflecting the interest of investors and developers in this regional center. And the degree of vacancy is lower than in Bucharest, the moment an office is vacated, a tenant is quickly found to occupy it, which indicates a constant demand for these spaces", declares Nicolae Ciobanu, Managing Partner - Head of Advisory at Fortim Trusted Advisors, member of the BNP Paribas Real Estate Alliance.
In the first quarter of 2024, in Cluj-Napoca, eight office rental transactions were concluded. Among the new tenants is the IT&C company Square Ventures, which has leased an 896 sqm office in Hexagon Offices, with Class A premises, exclusively represented by Fortim Trusted Advisors.Banca Transilvania is also opening a new office in The Office, with a total area of 1,800 sqm.The companies Yopeso, HN Services and Funding Dynasty also changed their office in Cluj-Napoca.
And lease extensions had an important weight, almost half of the total volume. The largest transaction of this type was the contract extension of 8,500 sq m in The Office by Betfair.
In Timișoara, in the first quarter of 2024, 11% of the total leased area outside the capital was traded. An example is the contract signed by the SAP company, which extended the lease of the offices in the AFI Timișoara project, class A, with an area of 2,000 square meters.
It is possible that by the end of the year, the city on Bega will attract even more tenants. In 2024, the new office building Paltim Office, with an area of 16,000 square meters, will be delivered in Timișoara.
Another important transaction took place in Brașov, where the Fortech company renewed its office space in the Coresi Business Park office project.
"For the coming years, investors are preparing 12 office buildings, with a total of almost 150,000 square meters, in Cluj-Napoca alone, the start of work and the evolution of construction being conditioned by future demand. The regional centers will continue to develop, to attract the attention of companies looking for office space, due to lower rental costs, for spaces of the same quality and, not least, due to the fact that in these cities, such as Cluj-Napoca, Timișoara, Brașov, Iași, Craiova and Oradea can more easily create offices under the 15-minute city concept, the ongoing mixed-use projects offering complete solutions", Costin Nistor, Managing Director, at Fortim Trusted Advisors, member of the BNP Paribas Alliance Real Estate.
