The total volume of office space rented outside the Capital is increasing. In the first three months of 2024 alone, modern offices were leased with a total area representing 47% of the total area transacted last year, in all major business centers.
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.
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.
Developers announced the construction of more than 275,000 sq. m of new office projects in the major regional cities – Cluj-Napoca, Timisoara, Iasi and Brasov, and therefore the modern office stock should reach approximately 1.3 million sq. m in the next 5 years. An increasing development activity has been noticed, especially when compared with the 2021 – 2022 period, when close to 70,000 sq m of office spaces were delivered in the four cities in question, according to the Cushman & Wakefield Echinox Office Market Regional Cities report.
The market of modern office spaces in Cluj-Napoca is the second largest in the country, after Bucharest and is expected to remain so in the coming years. Real estate investors plan eight class A office buildings in Cluj-Napoca, which will have a total area of 130,016 square meters, until 2025, which is about half of the current stock of modern offices in the city, according to an analysis conducted by Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance.
Catinvest continues the expansion of Electroputere Parc and inaugurates the second mixed building of 12,700 square meters of class A offices and commercial spaces, as part of a total investment of over 40 million euros. The new building includes 8,300 square meters of offices and 4,400 square meters of retail, as well as new underground parking for tenants and customers.
The total A Class office space due to be delivered this year in Cluj – Napoca will decrease by 85% compared to last year, which led to a drastic reduction in available office space for rent.
2020 was one the poorest in the last decade for the Bucharest office market in terms of demand, reflecting uncertainties generated by the effects of the Covid-19 pandemic on the tenants’ plans.
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