The modern office stock in Romania has reached 4.3 million sqm at the end of the first semester of 2022, with another 335,300 sqm slated for delivery by the end of 2023 – Property Forum writes referring to the real estate consultancy CBRE.
Bucharest is the leader in the office segment
Bucharest with a total modern stock of 3.3 million sqm is followed by Cluj-Napoca (350,000 sqm), Timișoara (294,000 sqm), Iași (205,000 sqm), and Brașov (155,000 sqm). Data shows that, with 335,300 sqm which will be added to the current stock by 2023, the office segment will reach 4.7 million sqm at the beginning of next year – Property Forum reports.
By vacancy rate, Cluj-Napoca and Iași have registered the highest level of leasing, with only an 8% vacancy rate each of total stock in Q2. Next is Brașov with a vacancy rate of 13.7%, followed by Bucharest (13.9%), and Timișoara (15%).
New migration patterns urge companies to think broadly about location
“We have noticed the increase of office rental transactions and demand in the main cities of Romania. The growth is supported by the hybrid resumption of office activity, the expansion of companies and by the entry of new companies into the market. Regional cities’ office market dynamics are showing new migration patterns in a tight labour market and are causing companies to think more broadly about location, confirming the hybrid workforce distribution”- says Tudor Ionescu, Head al A&T Services Office at CBRE Romania told Property Forum.