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Articles - transactions

Tenants continue to dominate the office market, although in some areas of Bucharest, there remains a trend toward a more landlord-friendly market

Trading activity in the office market slowed in the third quarter of this year, mirroring trends from 2021-2022. Total demand for modern leased office space in Bucharest dropped by 25% to 236,000 square meters compared to the same period in 2023. New lease demand reached 82,000 square meters, reflecting an 11% decrease year-on-year, according to Colliers data.

Griffes records landmark year in 2024 with more than 70,000 sqm offices brokered

Griffes team advised on a total of over 70,000 sqm office space transactions this year, spread 80% in Bucharest and 20% in the geography of regional cities mostly Cluj-Napoca, renowned as “the technology and IT capital” of the country.

Record of modern office spaces rented in Cluj

In the first nine months of 2024, the transacted office space in Cluj-Napoca increased by 153% compared to the entire rented space in 2023. By the end of the year, it is estimated that the total volume of rentals will be three times higher compared to the previous year, according to an analysis by Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance.

SMARTBILL chooses RIVER PLAZA for its offices in Bucharest

One increasingly sought-after category of offices in recent years is that of “green” buildings, Class A, which are ecologically sustainable. River Plaza, a green building certified Breeam In Use at the Very Good level, serves as a benchmark for companies wishing to operate in a central area, in premium quality workspaces.

Alfa Group bought the largest part of the IRIDE Park office project, located in the North of Bucharest, from CPI Property Group

Deloitte Romania assisted the Romanian entrepreneurial group Alfa Group in the acquisition of the largest part of the IRIDE Park project, located in the North of the Capital, along with two other properties in the proximity, from CPI Property Group, the Czech group that owns real estate projects in several countries in Central and Eastern Europe. The transaction was signed in October 2024.

Office market: About half of leases signed in Bucharest during first half of this year were renewals

Leasing activity in the Bucharest office market in the first half of 2024 saw new demand rise by 7% year-on-year, reaching 64,000 square meters, while total demand slightly decreased to 160,000 square meters, according to Colliers’ report on real estate market developments for the first half of the year.

CPI Romania in 2024: new lease contracts for a cumulative area of ​​41,500 sqm in the office segment

CPI Romania, part of CPI Property Group, signed lease contracts in 2024 for a total area of ​​41,500 sqm, adding multinational companies active in key sectors of the economy to the local portfolio of offices, and maintained its average occupancy rate of retail projects at 98% as a result of investments in the remodeling of its shopping centers.

Companies leased new offices for around 8,000 employees during H1 2024, with a considerable new demand rebound

The net office take-up in Bucharest across Q2 exceeded the renewal and renegociation transactional volume for the first time during the last two years, with a positive impact on the average vacancy rate, given that no new office projects were delivered in H1, according to data from the Cushman & Wakefield Echinox real estate consultancy company.

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