With a well-balanced distribution of transactions between Bucharest and regional cities, Griffes demonstrated its ability to address diverse market demands, from consolidations in the capital city to relocations and expansions in emerging business hubs like Cluj-Napoca, Iasi and Sibiu.
Griffes' activity outside Bucharest accounted for 25% of its total transaction volume, with Cluj-Napoca leading the way. This city continued to attract investments, particularly from technology and IT companies looking to tap into its skilled talent pools and favorable business environments.
In Cluj-Napoca, Griffes facilitated the largest new office lease in the city over the past 5 years, a 10,000 sqm relocation for a leading technology company. This milestone transaction highlights the city's growing reputation as a tech hub and reinforces its position as the country's secondary business powerhouse. Griffes also supported the entry of Copeland into the market, securing premium office space for their operations within Iulius Group's portfolio.
Bucharest continued to dominate as Romania's primary business hub, accounting for approximately 75% of Griffes' total transaction volume in 2024. One of the most notable transactions was Genpact's renewal of 30,000 sqm at Hermes Business Park, marking the largest office leasing deal in Bucharest in the last decade. This transaction underscores the long-term confidence of global tenants in the capital's strategic importance as a business destination.
Additionally, Griffes facilitated significant relocations and new entries into Bucharest's premium office spaces, particularly in buildings with green certifications and various amenities. Projects such as J8 Office Park, stood out for their innovative technical specifications, energy efficiency, and flexible floorplates.
Griffes' leasing activity reflected broader market trends in Romania, where tenants prioritized relocations to high-quality, sustainable office buildings. Approximately 36% of Griffes' transactions involved such relocations, while 64% represented contract renewals, as businesses continued to adapt to evolving workplace needs.
The total value of contracts mediated by Griffes in 2024 exceeded €95 million, with an average lease duration of 6 years. Griffes' efforts created an estimated €200 million in value for landlords, ensuring long-term stability for tenants and income generation for landlords.
Our client portfolio in 2024 reflects a diverse mix of industries, with approximately 30% of clients coming from the technology and IT services sector, making it the most prominent category. Professional services companies, including consulting, research, and business process outsourcing, account for around 20% of our collaborations. The healthcare and wellness sector represents about 15%, driven by the growing demand for medical services, pharmaceuticals, and health-tech solutions. Retail and lifestyle businesses make up roughly 10%, highlighting the importance of consumer-facing industries. The automotive and logistics sectors constitute another 10%, showcasing the increase in mobility and supply chain efficiency. The remaining 15% of clients span a variety of fields, including finance, agribusiness, and FMCG.
"This year, we've embraced every challenge and opportunity to redefine what it means to create value for tenants and landlords. Our work has gone beyond transactions - it's been about shaping spaces that align with the visions of our clients. Whether through a record-setting renewal in Bucharest or a landmark lease in Cluj-Napoca, we've shown that personalized solutions and a deep understanding of market dynamics make all the difference. Regional university centers are stepping confidently onto the stage as major business hubs, and we're thrilled to be part of their evolution,” said Andreea Păun, Managing Partner at Griffes.
The average office lease transaction in Bucharest stands around 1,300 sqm, while in the regional cities it ranges between 1,800 sqm in Cluj-Napoca and 700 sqm in other regional cities. In terms of take-up, Bucharest witnessed around 350,000 sqm of office space leased in 2024, reflecting its position as the country's primary business hub. The activity in the office leasing market was evenly distributed throughout the entire year, with each quarter accounting for around 25%.
In 2024, Romania's office market remained highly dynamic, both in terms of available spaces and tenant activity, with companies increasingly focused on finding efficient and sustainable solutions for their offices as they prepare for the next business cycle. The transaction volume in Bucharest saw a slight decrease of 20% compared to last year, driven by steady but more selective demand for class A buildings with modern specifications and strategic locations. At the same time, regional cities continued to maintain a strong momentum, attracting significant interest from expanding businesses.
Griffes activity continued to focus on Landlord Representation, where the company is the detached market leader, with more than 130,000 sqm under exclusive mandates – starting from land acquisition, design consultancy, marketing and leasing strategy and sale. Other important pillars are Tenant Representation and Set-up services, advising tenants with their real estate strategy.
