Cluj-Napoca sets record for office space leases in 2024

Cluj-Napoca has set a new record in Romania’s office leasing market, securing 82% of the total office space leased nationwide in the first nine months of 2024. According to an analysis by Fortim Trusted Advisors, part of the BNP Paribas Real Estate Alliance, this marks a 153% increase compared to the total office space leased in the city during all of 2023.

The report also predicts that by the end of 2024, the total volume of leased office space in Cluj-Napoca could be three times higher than in 2023, a significant boost for the city’s commercial real estate sector.

The office market in Cluj-Napoca has seen substantial activity this year, with 22 of the 37 office transactions outside of Bucharest taking place in the city. Nationally, a total of 49,044 square meters of office space was leased outside the capital, with Cluj-Napoca alone accounting for 40,477 square meters of this total.

“There is a positive trend in the office market in Cluj-Napoca. This year, Cluj is in first place, far ahead of other cities,” said Nicolae Ciobanu, Managing Partner and Head of Advisory at Fortim Trusted Advisors. “The growth was robust in both new space leases and lease renewals, with a nearly equal split between moving and staying. Last year, Cluj was in third place behind Timișoara and Iași, but this year it has clearly taken the lead.”

Cluj-Napoca’s booming office market highlights its growing prominence as a business hub outside of Bucharest, positioning it as a key player in Romania’s real estate landscape.