Bucharest is the leading city on the office segment, with a total modern stock of 3.3 mln sqm, in the context of a total population of 2.1 million and an unemployment rate of 5,1%. Hosting 31 universities, both public and private, Bucharest provides over 170,000 graduates each year, contributing to the city’s appeal as a destination for companies looking to extend their business in Romania.
The Capital city is followed by Cluj-Napoca (350,000 sqm), Timisoara (294,000 sqm), Iasi (205,000 sqm), and Brasov (155,000 sqm). At the same time, the fastest growing market is represented by Bucharest, the modern stock being 10% higher in Q2 compared to the same quarter of 2021.
Cluj-Napoca has over 740,000 inhabitants and an unemployment rate of 2,1%. 72,000 graduates complete their studies each year in the city’s 9 public and private universities. Timisoara’s population exceeded 700,000 people, while the unemployment rate is 1,8%. With 7 public and private universities, Timisoara delivers over 44,000 graduates yearly.
“After a period of stagnation during the pandemic, the office segment is recovering strongly. 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, by the expansion of companies and by the entry of new companies on the market. Regional cities office market dynamics are showing new migration patterns in a tight labor 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.
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