Tech spearheads office leasing in Romania

Business Forum

6 March, 2025 at 10:34 AM

Companies in IT, manufacturing, industry, and the medical and pharmaceutical sectors were the most active in Romania's office rental market over the past five years, generating over half of the demand for new space.

Between 2020 and 2024, the net leased area (excluding renegotiations) in Bucharest and key regional cities (Cluj-Napoca, Timișoara, Iași, and Brașov) reached approximately 1.06 million sqm, according to data from Cushman & Wakefield Echinox.

This leased area is comparable to the total office stock in the four regional cities combined or 30% of the stock in Bucharest.

The IT sector, contributing nearly 7% to the GDP, generated over 35% of new office demand, with 375,730 sqm transacted nationwide. Following closely were manufacturing and industry (9.2%), pharmaceuticals and medical (9%), professional services (8.1%), and the financial sector (7.1%).

Mădălina Cojocaru, Partner Office Agency at Cushman & Wakefield Echinox, said: "Over the past five years, IT companies have been the main engine of the office rental market in Romania, maintaining a constant demand for modern spaces, despite the space adjustments made by some firms."

In addition, Cluj-Napoca boasts the lowest vacancy rate (6.6%), while Iași records the highest (19.4%). In Bucharest, the vacancy rate decreased to 14.2% by the end of 2024.

Furthermore, prime monthly rents in Bucharest reached €21 per sqm (+10.5% compared to 2020), and in regional cities, it increased by up to 13%, reaching €17 per sqm.

What the surge in technical services demand means for property investments in 2026

Andrei Ianculescu, Head of Project & Development Services at Cushman & Wakefield Echinox, talked to Property Forum about the expansion of design and ESG advisory services, the industrial and logistics sector's growth post-Schengen, and the importance of independent project management for tenant fit-outs. Ianculescu also emphasised the potential in secondary cities and the increasing relevance of aligning projects with sustainability standards.

Real estate

Romanian office tenants spend less than 5% of revenue on rent

Romania's largest office tenants pay more than €260 million annually for modern office spaces, representing less than 1% of their combined 2024 turnover, according to analysis by Cushman & Wakefield Echinox.

Real estate

Beyond Space maps Romania's flex office future with new study

Beyond Space has released a study on the state of flex offices in Romania, introducing a classification system for coworking and flexible spaces.

Real estate

Bucharest housing prices surge 60% in past six years

Housing prices in Romania's major cities have increased by 60-90% over the past six years, making apartments increasingly unaffordable in central areas, according to a report by Colliers Romania. Bucharest saw a 60% rise, while Cluj leads with a 100% surge and Timișoara recorded 90% growth.

Real estate

Romania's industrial stock nears 8 million sqm milestone

Romania's industrial and logistics stock is approaching 8 million sqm, with over 60% located within one hour's drive of Bucharest. Moldova and Oltenia remain the least developed regions but show potential for growth once infrastructure improves, according to a Cushman & Wakefield Echinox report.

Real estate

Former industrial sites drive Romania's urban regeneration boom

Bucharest continues to lead Romania's transformation of former industrial platforms due to its market scale and high number of available sites. The capital generates the largest volume of land transactions within urban areas, primarily through industrial space conversion, according to Cushman & Wakefield Echinox. Investors increasingly target mixed-use developments integrating retail, office, and residential components.