Office rental market in Romanian regional cities grows faster than in Bucharest

Iasi, Timisoara and Cluj-Napoca account for nearly 90% of the office space rented outside capital city Bucharest in 2022: 70,394 square metres, 22% up yoy according to Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance. The figure covers new deals, relocations and pre-leasing contracts. Including the contracts renegotiated, total rental contracts reached ​​84,808 sqm outside the capital city in 2022. Three times more new offices were leased in Bucharest than in all other big cities combined, according to the report. In Bucharest, in 2022, new offices were leased, relocated and pre-leased offices with a total area of ​​214,911 sqm. The growth rate of the market in the Capital was 13% compared to the previous year, 9pp less than in the rest of the country. Bogdan Cange, Managing Partner – Business Development, at Fortim said that he expects the cities outside Bucharest to become increasingly important on the office rental market as the companies, particularly those in the IT sector, pursue regional expansion. “In 2022, the ratio between the rental market in Bucharest and that of the other cities was 3:1, but we expect this ratio to decrease over time. First of all, the demand from the IT&C companies, which dominate the market, continuously pursues a territorial expansion, in search of labor from university centers. And secondly, the supply of new modern spaces is increasing in other cities as well,” Bogdan Cange explains.

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