The office market in Bucharest and in the major regional cities, Cluj-Napoca, Timișoara, Iași and Brașov, continues to develop, with local and foreign investors having projects under construction or scheduled for delivery with an area of approximately 500,000 square meters that will be put into use in the next 16 months.
This are the latest data of Bucharest Office Market and Office Regional Cities Reports, realised by the real estate consulting company Cushman & Wakefield Echinox.
The most active market remains Bucharest, with projects of about 340,000 square meters scheduled for delivery by the end of 2021, followed by Timişoara (80,000 square meters), Cluj-Napoca (36,000 square meters) and Braşov (25,000 square meters).
The most active developers in terms of surfaces scheduled to be delivered in the next period are One United (94,000 sqm), Iulius Group (60,000 sqm), Portland Trust (45,000 sqm) and Forte Partners (41,000 sqm).
At the end of the first semester, the modern office stock in Bucharest was about 2.9 million square meters leasable area, without taking into account the buildings occupied directly by the owners, while the stock in regional cities was approaching the 1 million square meters threshold, the largest markets being Cluj-Napoca (347,000 sqm), Timişoara (245,000 sqm) and Iaşi (226,000 sqm).
The vacancy rate varies from 10.3% in Bucharest, with values of 4.7% in Floreasca – Barbu Văcărescu and 7.4% in CBD, to 5.6% in Cluj-Napoca or 5.7% in Braşov.
The prime headline rents remained stable, at a level of 19 euro / sqm / month in Bucharest and 15 euro / sqm / month in Cluj-Napoca or Timişoara, after a long period in which the competition between developers kept the local market rents at a competitive level compared to similar cities in Central and Eastern Europe.
The most important office projects to be delivered in regional cities (S2 2020 – 2021)
| City | Project | GLA (sq m) | Developer | Delivery |
| Timişoara | UBC 0 | 55,000 | Iulius Group | 2021 |
| Timişoara | ISHO III | 17,000 | Mulberry Development | 2021 |
| Timişoara | Romcapital Center II | 8,500 | Altus | 2020/2021 |
| Cluj-Napoca | Banca Transilvania HQ | 16,000 | Banca Transilvania | 2021 |
| Cluj-Napoca | Record Park | 11,500 | Speedwell | 2020 |
| Cluj-Napoca | Cluj BC (phase III) | 8,700 | Felinvest | 2020 |
| Braşov | AFI Park Brasov I | 15,000 | AFI Europe | 2020 |
| Braşov | Coresi Business Campus U1 | 10,500 | Ceetrus – Ascenta | 2021 |
| Iaşi | United Business Center 8 | 5,100 | Iulius Group | 2020 |
| TOTAL | 147,300 |
The most important office projects to be delivered in Bucharest (S2 2020 – 2021)
| Area | Project | GLA (sq m) | Developer | Delivery |
| Central – West | One Cotroceni Park I | 45,000 | One United | 2021 |
| Central – West | Campus 6 II & III | 41,000 | Skanska | 2020 |
| Central – West | Sema Londra & Oslo | 31,500 | River Development | 2021 |
| Floreasca – Barbu Văcărescu | Globalworth Square | 28,000 | Globalworth | 2020 |
| Floreasca – Barbu Văcărescu | One Tower | 24,000 | One United | 2020 |
| Floreasca – Barbu Văcărescu | One Verdi Park | 24,800 | One United | 2021 |
| Nord – West (Expoziţiei) | J8 Office Park | 45,000 | Portland Trust | 2021 |
| Central | U-Center | 32,000 | Forte Partners | 2021 |
| Central | Matei Millo Offices | 9,100 | Forte Partners | 2021 |
| CBD | Ţiriac Tower | 16,500 | Ţiriac Imobiliare | 2021 |
| CBD | Dacia One | 15,800 | Atenor Group | 2021 |
| TOTAL | 312.700 |
