According to the analysis by Fortim Trusted Advisors, an alliance member of the BNP Paribas Real Estate, Romanian large cities have an increasing share in the total number of office rentals, to the detriment of the capital city. In Bucharest, contracts were sealed – rented, pre-rented and extended – for a total office area of more than 75,000 sqm, while there were contracts for more than 11,000 sqm in Iasi, 9,000 sqm in Cluj-Napoca and 6,500 sqm in Timisoara.
”Regional markets have recently attracted more and more international companies, which have discovered opportunities in the well-trained workforce, in regional universities and which are now expanding easily from one city to another, depending on the availability of quality office space. However, office segments in cities such as Cluj-Napoca, Iasi, Timisoara are now developing more cautiously. Investors only move from one stage of the project to another, making sure that there is a current demand”, says Nicolae Ciobanu, Managing Partner – Head of Advisory Fortim Trusted Advisors, an alliance member of the BNP Paribas Real Estate.
In III Q of 2022 some of the major office tenants chose locations outside Bucharest. Accenture rented an office space in the Hexagon Offices building in Cluj-Napoca, Linde Global Services pre-leased in the UBC 0 building, from the Iulius Town Timisoara project, and Preh Romania, Hella and Expleo pre-leased in the Palas Campus project, a building still under construction.
Read more HERE
