The IT, manufacturing & industry, and medical & pharma sectors have been the primary drivers of office leasing in Romania over the past five years, accounting for more than half of new office space demand, according to data from Cushman & Wakefield Echinox.
Between 2020 and 2024, the net take-up of office spaces in Bucharest and major regional cities (Cluj-Napoca, Timișoara, Iași, and Brașov) reached 1.06 million square meters, an area equivalent to 30% of Bucharest’s total office stock. Based on an average space allocation of 8-10 sqm per employee, companies have leased offices for at least 100,000 employees in Romania’s key urban centers.
IT Sector: The Key Market Driver
With a 7% contribution to Romania’s GDP in 2024, the IT sector dominated office demand, leasing 375,730 sqm nationwide—over 35% of total transactions. This makes IT the most dynamic sector, far ahead of other industries.
Manufacturing & industrial companies followed, accounting for 9.2% of total demand (98,000 sqm), while the pharma & medical sector secured 95,200 sqm (9% of total demand).
Other significant contributors included:
Professional services – 86,000 sqm leased
Financial sector (banks, insurance, etc.) – 75,000 sqm leased
Market Trends and Future Outlook
The total office space transacted (including renegotiations) exceeded 2 million sqm, with IT firms responsible for 40% of all deals.
Modern office stock in Bucharest and Romania’s university cities totals 4.51 million sqm, with 390,000 sqm of new projects set to be delivered over the next five years.
The vacancy rate stands at 13.8%, with the lowest in Cluj-Napoca (6.6%) and the highest in Iași (19.4%).
Prime office rents have increased by up to 13%, reaching a maximum of €21/sqm/month in Bucharest and €17/sqm/month in regional cities.
According to Mădălina Cojocaru, Partner, Office Agency at Cushman & Wakefield Echinox, IT companies have remained the main driver of Romania’s office leasing market despite shifts in space requirements. As demand for modern office hubs remains strong, well-connected locations with high standards are expected to attract future investments and corporate tenants.
