Office players exploring new development hotspots in Bucharest, regional cities

The Bucharest office market reached the 3 million square meters (sqm) milestone in the first quarter of 2019, with new development poles emerging in the city on the back of growing demand. Large regional cities such as Timisoara, Cluj-Napoca and Iasi are also recording a dynamic pace of development for office spaces as companies look for complex buildings to accommodate their growing base of skilled workers, according to Business-Review.eu.

The Romanian capital has another 216,000 sqm under development in the office segment, on top of the 3 million sqm already in operation, of which 51 percent are in Class A projects, says Daniela Boca, head of research at CBRE Romania, the real estate consultancy firm. Western Bucharest has generated 44 percent of the leasing deals in the first three months of the year and this area will continue to attract tenants in the next 6 to 12 months, alongside the Expozitiei area, suggested Daniela Boca.

Cluj-Napoca, Timisoara and Iasi, as well as smaller cities like Brasov, Constanta, Oradea or Sibiu are increasingly considered by companies seeking skilled and educated workforce, says Dimitris Raptis, deputy CEO & CIO at Globalworth, the biggest owner of office buildings in Romania.

In the first half of 2019, the new delieveries of office spaces in Cluj-Napoca, Timisoara and Iasi stood at 29,200 sqm, 37,000 sqm and 13,300 sqm respectively, according to JLL data.

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