Cluj-Napoca drives Romanian regional office leasing in 2024

Business Forum
Cluj-Napoca recorded a fourfold growth in office leasing in 2024 and was the biggest regional market for such transactions, according to a Fortim Trusted Advisors analysis.

In regional cities, companies leased 63,024 sqm of modern office space, including new leases and renegotiations, of which Cluj-Napoca accounted for 48,008 sqm, holding a share of 76%.

Nicolae Ciobanu, Managing Partner - Head of Advisory at Fortim Trusted Advisors, notes that Cluj-Napoca is the second-largest office market in Romania, with Timișoara and Brașov following.

“In 2025, we expect these three local markets to continue to perform,” he added.

While Timișoara maintained its second-place ranking, it saw a decrease in rental volume compared to 2023. Meanwhile, Iași experienced a decline in transactions due to a lack of new office building deliveries.  

Across Romania, lease renewals (26,957 sqm) outpaced new leases (21,051 sqm).  

The appeal of regional cities like Cluj-Napoca stems from the comparable quality of office spaces to Bucharest, but with rents 20-25% lower, driving increased interest in these markets, finds the analysis.

RECOMMENDED
Office leasing in Bucharest falls during H1 2024
Real estate

Office leasing in Bucharest falls during H1 2024

The volume of office leasing in Bucharest amounted to 168,000 sqm during H1 2024, down 11% compared to the same period of last year, with the average new lease deal at more than 1,100 sqm, according to Cushman & Wakefield Echinox. 

RECOMMENDED FROM THE HOME PAGE
READ MORE
Business Forum  |  21 February, 2025 at 1:28 PM