Developers finalized the construction of 83,000 sq. m of new office projects in the major regional cities (Cluj – Napoca, Timisoara, Iasi and Brasov) in 2023, as the modern office stock exceeded the 1 million sq. m threshold, representing around 30% of the corresponding total in Bucharest. Iasi is the only city which benefited from the delivery of office projects throughout 2023, as it overtook Timisoara and thus became the second – largest regional hub outside Bucharest, after Cluj-Napoca, according to the Cushman & Wakefield Echinox Office Market Regional Cities report.
Awin Global, a company specialized in providing a global technology marketing platform, is expanding its office in the mixed-use Palas Iași complex and is recruiting for several positions. Awin has been present in Iași since 2023, located in the United Business Center 3 (UBC 3) office building, part of Palas.
The office market remains fluid and flexible. Two distinct trends have emerged in 2023: securing entry into prime new locations and optimising the portfolio through best value negotiations, all driven by a market with limited deliveries. After the first 3 months of this year, the office sector in Bucharest shows a positive fluctuation in terms of total leasing activity, being 71% higher than the same period last year.
Companies in Romania focus more and more on the purchase of second-hand office furniture, through which they can save at least 2-3 times more compared to new furniture, against the background of general price increases, according to Princemob Buro internal data. Thus, both SMEs and individuals are increasingly turning to second-hand furniture, with demand increasing by 14% compared to previous years.
CIJ EUROPE, the organizer of the annual CEDER conference – one of the largest real estate conferences in Romania – brings together top professionals from the real estate industry at this year's exhibition and conference.
Outside Bucharest, companies leased less than a fifth of the total traded area in Bucharest, according to a study conducted by Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance. In total, the companies leased new modern spaces, at regional level, with a total area of 37,441 sqm, which represents 18% of the volume registered in Bucharest, at the level of 2023.
Environmental, social, and governance (ESG) principles are no longer just a trend or a buzzword, but rather becoming the norm in the Romanian real estate market.
The Cushman & Wakefield Echinox real estate consulting company has been appointed to manage the Expo Business Park office project, one of the most representative projects in the Expozitiei area of Bucharest, starting from January 2024.
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