Griffes records landmark year in 2024
The real estate advisory firm, Griffes, reports an outstanding performance in the first three quarters of 2024, marking a record year for the company, especially in the office leasing sector.
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. Griffes' portfolio covers both new leases (36%) and contract renewals (64%), providing support for companies setting up new offices or consolidating their business, and constant guidance for businesses seeking to secure their premises and the financial stability in their renewal efforts.
So far, the total value of all office leasing deals signed by Griffes in 2024 is exceeding the EUR 65 mln. threshold, bolstered up by the long-term strategy of the occupiers who secured premises, (weighted average), for 6.8 years.
The renewal of Genpact’s 30,000 sqm lease at Hermes Business Campus in Bucharest is particularly noteworthy. This is the largest office deal in Romania for the past decade and reflects the continuity and the confidence of multinational companies in Romania’s business environment.
Currently, the average office lease transaction in Bucharest stands around 1,350 sqm, while in Cluj-Napoca it averages approximately 1,800 sqm.
"2024 has been a truly transformative year for Griffes, showcasing the strength of our long-term partnerships with landlords and our ability to adapt to the evolving needs of the tenants. We have been relentless in searching for balance in between a very granular demand and a higher risk environment (supply wise), so we became hypercreative to craft solutions. Over half of our work is with tenants that already work with us the 2nd or 3rd time, which is fantastic for a team only several years old, and most of the lease duration we signed are for more than 6 years, firm and robust. In a market where word of the day is ”volatility, this is what I call true extra value and high performance,” stated Andreea Paun, Founder and Managing Partner at Griffes.