The shift to remote or hybrid working has had a positive effect on the flexible office space segment in Romania over the last two years. Seen more as a trend of the moment than as a convenient alternative to traditional working environments, flexible offices have become an important tool and have attracted new clients from industries other than IT who have started to be interested in coworking and serviced offices. In addition, amid the conflict between Russia and Ukraine, some Ukrainian companies and freelancers have been looking to relocate to Romania, and flexible spaces have been an ideal option in this context.
According to Crosspoint’s analysis, 21 new coworking centres and serviced office were opened in Romania in the post-pandemic period. In addition, three coworking hubs in the cities of Bucharest, Brasov and Oradea were reopened after having closed in 2020. In total, 18,129 sqm were added to the flexible office market in 2022, of which more than 11,000 sqm in Bucharest.
Bucharest hosts the most flexible offices in the country, but also the largest, with an average of 1.260, followed by Cluj-Napoca and Iasi, where offices average 879 sqm and 529 sqm respectively. Coworking hubs remained the most widespread, but on average they occupy smaller areas than serviced offices – 470 sqm for coworking versus 1,708 sqm for a serviced office.
Although the existing stock of flexible office space remains below pre-pandemic levels, both nationally and in Bucharest, the segment has an increased capacity to recover, due to the growing demand for such space. The last two years have highlighted the advantages and disadvantages of the flexible office market, which, while it can be a highly useful alternative to traditional offices, is very sensitive to change. Nevertheless, even in 2023 flexible offices remain a profitable business for experienced operators. In Bucharest alone, four new medium and large locations are expected to open, ranging from 1,000 sqm to 4,000 sqm.