Moreover, the vacancy rate on the office segment stands at just 12%, being on a downward trend from the same period of last year.
“After a period of stagnation during the pandemic, the office segment is on a strong rebound. Both the number of office rent deals and demand in the main cities of Romania has risen. Demand is supported by the hybrid resumption of office activities, companies’ expansion and the arrival of new companies on the market,” says Tudor Ionescu, Head of A&T Services Office at CBRE Romania.
On the office segment, Bucharest ranks first, with a total inventory of 3.3 million square meters, amid total population of 2.1 million and a 5.1% unemployment rate, in line with CBRE Romania.
Bucharest is followed by Cluj-Napoca (350,000 square meters), Timisoara (294,000 square meters), Iasi (205,000 square meters) and Brasov (155,000 square meters). At the same time, Bucharest boasts the fastest growth pace, with the modern stock being 10% biggest in 2Q/2022 vs 2Q/2021.
In line with CBRE data, once 335,300 square meters are added to the current stock by 2023, the office space stock will reach 4.7 million square meters in early 2023, up 9%.
(English version by Catalina Apostoiu)