“The development of the office space market in the past ten years has been marked by two major changes. On the one hand, the expansion of flexible office space from the expansion of Regus to myHive, an Immofinanz project, and on the other hand the shift in demand from financial and outsourcing sectors to a complex IT market, which includes higher added value services, such as research & development, sales, and outsourcing<’ said Razvan Iorgu, managing director of CBRE.
“Whereas the IT and outsourcing sectors stood at a little more than 20% together in 2011, now they account for more than 40%, while the financial sector dropped from 18% to 16% of the total office space rented in Bucharest.”
The office space market has also developed through the emergence of new office space hubs in Bucharest, where developers built lots of office buildings – Floreasca – Barbu Vacarescu, Expozitiei, and the west of the city from Grozavesti – Politehnica to Preciziei, an area that attracted record rental deals. Renault signed the biggest lease in Romania and in the CEE region in 2016, for 47,500 square meters of office space. Other cities to have witnessed significant office space development are Cluj-Napoca, Timisoara, Iasi and Brasov.
(English version by Loredana Fratila-Cristescu)