Office developments in Romania reach record level

The level of developments in the office real estate segment reached all time high levels throughout 2014, according to the regional cities office market study released by DTZ Echinox. According to the data released by the firm, the office market outside Bucharest has thrived, recording high levels both in terms of leasing and development activity. In 2014, the leasing activity in the main cities increased with as much as 200 percent, compared to 2013. The new demand came mostly from expansion and new operations, accounting for about 43 percent of the total transactions while relocations were only twenty percent of the total. Approximately 55,000 sq. m of modern office space were transacted, this being the highest level ever recorded. Technology and Telecom companies continued to be the best performing office occupiers, with 70% from total leasing activity. In terms of expected developments 96,000 sq.m are scheduled for completion in 2015, with Cluj Napoca and Iasi being the most active office markets in terms of deliveries.