The office leasing volume closed in H1 2024 grew by 0.2% compared to the same period of last year, with Bucharest seeing the biggest activity, followed by Cluj-Napoca and Timișoara, according to a report by Fortim Trusted Advisors.
Bucharest accounted for 84% of the total office leases covering 205,853 sqm that were closed during H1 2024. Cluj-Napoca had a share of 13% (28,770 sqm), while Timișoara came third with a 2% share.
"In Bucharest, the new demand for office space has exceeded the volume of lease renewals. A surprise was the high demand from some educational institutions, which rented or pre-leased a total of 25.9% of the space in order to convert it into classrooms with educational facilities. On the other hand, in the other cities - Cluj-Napoca, Timișoara and Brașov - the volume of contract renewals was higher than the new demand, following the wave of deliveries four -five years ago,” says Nicolae Ciobanu, Managing Partner - Head of Advisory at Fortim Trusted Advisors, member on the BNP Paribas Real Estate Alliance.
The majority of the companies that opted for offices in Bucharest came from the tech sector (29%), followed at a short distance by the private education sector. The largest contract signed in the first months of this year was the lease of 10,000 sqm of space by Genesis College, in Petrom City, for its conversion into classrooms and educational facilities.
Costin Nistor, Managing Director of Fortim Trusted Advisors, added that the office vacancy rate has fallen to 13.4% in Bucharest from 14.9% at the start of 2024, while in Cluj-Napoca this indicator fell to 11% from 13.8%.
