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.

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