Iasi is the only regional city that benefited from new office projects last year, becoming the second major hub outside Bucharest by stock, after Cluj-Napoca.
Deliveries scheduled for the coming period are significantly lower than those of 2023, with just two projects with a total area of 26,000 square meters likely to be completed by end-2024 or early-2025, namely Coresi Business Campus U1 of Brasov and Paltim of Timisoara.
Beside these, developers have also announced projects that are likely to bring onto the market around 170,000 square meters in the next 5 years.
Leasing activity continued to be supported by IT&C companies.
Unlike the Bucharest office market, which registered record high demand in 2023, in regional cities the traded area halved.
Cluj-Napoca registers the lowest vacancy rate (6.2%), while in Timisoara 10.7% of stock is unleased. The rate stands at 11.8% in Brasov and at around 20.4% in Iasi.
(English version by Catalina Apostoiu)