Romania modern stock of office spaces reached over 4.3 mln. sq m

The vacancy rate in the office segment is only 12%, on a decreasing trend compared to the same period of last year

The office segment has reached over 4.3 mln. sq m all over the country in the first semester of 2022, according to CBRE. But, 76% of the modern stock of office spaces in Romania is located in Bucharest.

Thus, Bucharest is the leading city on the office segment, with a total modern stock of 3.3 mln. sq m, in the context of a total population of 2.1 million and an unemployment rate of 5,1%.

Hosting 31 universities, both public and private, Bucharest provides over 170,000 graduates each year, contributing to the city’s appeal as a destination for companies looking to expand their business.

Bucharest is followed by Cluj-Napoca (350,000 sq m), Timisoara (294,000 sq m), Iasi (205,000 sq m), and Brasov (155,000 sq m).

At the same time, the fastest growing market is also represented by Bucharest, the modern stock being 10% higher in Q2 compared to the same quarter of 2021.

Cluj-Napoca has over 740,000 inhabitants and an unemployment rate of 2,1%. 72,000 graduates complete their studies each year in the city’s 9 public and private universities.

Timisoara’s population exceeded 700,000 people, while the unemployment rate is 1,8%. With 7 public and private universities, Timisoara delivers over 44,000 graduates yearly.

With 335,300 sq m which will be added to the current stock by 2023, the office segment will reach 4.7 mln. sq m at the beginning of next year, growing with 9%.

Therefore, Bucharest will have another 135,300 sq m. of office spaces, followed by Iasi with new 80,000 sq m, Cluj-Napoca (55,000 sq m), Timisoara (40,000 sq m), and Brasov (25,000 sq m).

By vacancy rate, Cluj-Napoca and Iasi have registered the highest level of leasing, with only 8% vacancy rate each of total stock in Q2. Next is Brasov with 13.7% vacancy rate, followed by Bucharest (13.9%), and Timisoara (15%).

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