IT companies continue to dominate the regional office markets

The office letting market in Romania has shown a decrease of almost 18% of gross take up during H1 2022 compared to H1 2021, even though Bucharest showed a slight increase, according to JLL Regional Cities Office Snapshot.

Timisoara had by far the largest share in office leasing transactions in regional cities during H1 2022, with almost 20,000 sq m, or approximately 54% of total office transactions in major regional cities.

The second largest market is Iasi, with 10,500 sqm (29%), followed by Cluj-Napoca and Brasov. Cluj-Napoca attracted the only investment office transaction outside of Bucharest in H1 2022.

Major occupiers differ among regional cities in terms of industries, based on local workforce specificity. Cluj-Napoca reinforced its position as a strong IT&C hub in Romania and also seems to concentrate many service providers.

Timisoara is renowned for being a host to automotive industry companies and for its SSC and IT sectors, while Iasi mostly attracted a large number of BPO and SSC operators in recent years.

A class rents vary between 14-15 euros/month in Cluj, 13.5-14.5 euros/month in Iasi, 13-14 euros/month in Timisoara and 12.5-13.5 euros/month in Brasov.

Total stock is close to 1 million sqm of modern office spaces in the 4 major regional cities, and pipeline remains consistent.

SEE ALSO: 65% of Romanian employees consider their office to be only partially safe for health
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