Bucharest accounted for 75% of the total office space that was leased across major Romanian cities in Q1 2023 according to a study by Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance.
The consultancy’s data shows that 75 companies have leased surfaces totaling 42,906 sqm of new spaces, of which 32,116 sqm in Bucharest alone. Across the country, Timișoara, Iași and Cluj-Napoca also recorded several leasing deals.
As a trend, there is a decrease in the share of Bucharest in the total market, from 84% in Q1 2022 to 75% in Q1 2023.
“The drop in new building deliveries delayed some leasing decisions, and the high number of renegotiations also delayed the signing of some contracts. In the coming quarters, the volume of office space rentals will increase in Bucharest. More and more furnished office spaces are appearing, where little intervention is needed and where you can move immediately, as a result of relocations or downsizing of some companies. A piece of advice for potential tenants: these spaces are the fastest solutions, and the owners have even greater flexibility in establishing the duration of the contracts," said Nicolae Ciobanu Managing Partner - Head of Advisory at Fortim Trusted Advisors.
The Access Group company rented the largest office area outside Bucharest, namely 4,500 sqm in the UBC 0 project, in Timișoara.
In Cluj-Napoca, the Maestro Business Center office building attracted a tenant from the IT&C field. Two other tenants from the fields of IT&C and professional services, have chosen The Office and Tetarom projects in the same city.
In Iași, most tenants opted for Palas Campus, an office building inaugurated this year and UBC 3.
Research from Fortim Trusted Advisors further shows that the IT&C field had a much smaller share in Bucharest, compared to cities in the rest of the country.
Sign up today for the latest news