Office leasing in regional cities reached 37,441 sqm during 2023, equivalent to 18% of the space leased on the Bucharest market in the same period, according to a Fortim Trusted Advisors report.
Cluj-Napoca was the biggest regional market, registering 33% of the office leasing deals closed last year. Timișoara and Iași were next in this ranking.
"In the first quarter of 2024, several lease transactions for office space in Cluj-Napoca are in the final negotiation phase. Recently, there has been an increased demand for spaces with an advanced level of arrangement, capable of ensuring a quick move. Supply remains limited, despite a substantial number of projects under development,” said Nicolae Ciobanu, Managing Partner - Head of Advisory at Fortim Trusted Advisors.
More than 60% of the leasing activity in regional cities was driven by IT&C firms.
The agency’s consultants point out that office vacancy rates in regional cities are lower compared to Bucharest, which reached 15% at the end of 2023. This is due to the progressive development approach in markets outside Bucharest.
“Office parks are strategically expanding, adding one or two buildings annually or at two-year intervals, depending on market demand. In Cluj-Napoca, several projects were postponed. Three buildings from one major project and two from another, with a total area of 43,664 sqm, are planned for completion between 2025 and 2026, conditioned by the level of existing demand," concluded Ciobanu.
