by Alexandru Petrescu 
Most office tenants in the first half of 2017 chose Bucharest, making a total of 118 transactions, which summed up an area of 198.782 sqm. In second place is Timisoara, with 11 office transactions and four large office transactions in the third place, the Cluj-Napoca University Center.
The capital remains the most important business center for investors and companies that want to develop business in Romania, where the office market is the strongest, ten times larger than the one in Timisoara, the second-largest market in Q1 2017.
Among the big companies that have chosen Bucharest to rent a new office space are Renault, IBM, Oracle, Rompetrol, Harman, Kruk, Huawei, Impact Hub, Medicover, Wipro, P&G, Vox Pro, and Unilever.
Large office buildings, in development, are those that have attracted the most attention and have attracted tenants like Globalworth Tower (Bucharest One), Metroffice, Hermes Business Campus, The Bridge – Bldg A, Sky Tower, Timpuri Noi Square.
The second-largest office market is in Timisoara, a vital student center in Western Romania.
Of the 11 top tenants who traded office space, Nokia stands out, which pre-leased over 8,000 sqm, with the possibility of expansion, in the Bega Business Park project. With this new space, Nokia will move to a cumulative office area of about 20,000 sqm, some of the spaces being rented since 2015. Bega Business Park is a large office project under development, which in the end, will have over 70.000 sqm for rent.
Another significant office tenant from Timișoara is the IT&C company Atos, who traded 6,000 sqm in the Openville office project, which is still under construction. Along with Atos, Pwc, and Bitdefender also rented office space in Openville.
Openville Business Center in Timisoara is being built in the city center and will eventually have an area of offices for rent of over 110.000 sqm. Also, it is expected to be a city in the middle of the city, because it will be an integrated project, with a residential component – new apartments for sale or rent and commercial and service spaces inside the complex.
The third-largest city attracted the attention of large companies this year in Cluj-Napoca, located in the center of the country.
Four large office transactions took place here in the first six months of the year, the tenants being IBM, Telenav – which made two transactions, one for a contract extension and one for office space extension – and Steelcase. Office rented areas ranged from 500 to 3,000 sqm, and the winning buildings for new tenants are The Office, Maestro Business Center, and Liberty Technology.
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Founding Managing Partner of ESOP Consulting | CORFAC International with 21 years of experience in real estate consulting and entrepreneurship.
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