Griffes, the Romanian real estate advisory practice, announces its leading position in the regional office leasing market, ranking as the top broker by market share in Romania’s major regional cities. In 2025, the company contributed with 10,000 sqm to a total leasing volume of almost 42,000 sqm in regional cities, following the completion of 29,000 sqm of office leasing transactions in the last two years in the key regional hubs, including Cluj-Napoca, Iași, Sibiu and Craiova.
Cluj-Napoca emerged as the most active market for Griffes, accounting for 90% of the company’s leasing activity outside Bucharest. Among the landmark transactions completed in the city, Griffes assisted Iulius in accommodating the global leader in GPS technology for multiple industries, who grew beyond 11,000 sqm of office space in UBC Tower and UBC Riviera, two Class A office buildings anchored by the Iulius Mall in the center of the city. Advised by Griffes, the transaction represents the largest office leasing deal concluded outside Bucharest in the past three years.
One of the new players emerging in the city that Griffes advised in securing new, premium office space, was Copeland, global leader in heating and cooling compression technologies who secured space in Iulius portfolio, while MHP (part of Porsche Group) and an important player on the insurance market renewed their lease engagements in the boutique development Record Park alongside reputed tenants such as the reputed Viking Romania and German energy group E.ON, also under Griffes’s guidance.
“Regional cities continue to play a central role in the evolution of Romania’s office market. In 2025, we saw strong, well-structured demand driven by companies prioritizing modern spaces, long-term planning and employee experience. Our activity in cities such as Cluj-Napoca, Iași, Sibiu and Craiova reflects both the growing maturity of these markets and the confidence occupiers have in regional hubs with solid fundamentals, talent pools and ongoing public and private investments. Looking ahead to 2026, we expect demand in regional cities to remain resilient, supported by limited new supply, sustained interest from international occupiers and continued investments in infrastructure and urban regeneration, which will further strengthen their long-term attractiveness.”, said Andreea Păun, Managing Partner Griffes.
In 2025, office leasing activity in Cluj-Napoca exceeded 18,000 sqm, following an exceptional 2024 that recorded 50,000 sqm of office space leased. This strong performance once again confirms the city’s status as the most developed and dynamic office market among Romania’s regional cities. The total stock of modern office spaces in Cluj-Napoca reached 350,000 sqm, which represents 8% from the total stock in Romania, with an average vacancy rate of 5% and a prime rent of 17 euro/sqm. In the next years, the estimated total stock of the city could exceed 400,000 sqm, in the context of new significant projects announced.
Cluj-Napoca is set to benefit in the coming period from public infrastructure investments exceeding 2 billion euros, complemented by more than 1 billion euros private investments in urban regeneration and redevelopment projects. In this context, the Cluj County Council announced investments exceeding 330 million euros at Cluj-Napoca International Airport, aimed at reaching a capacity of 10 million passengers per year.
The biggest private project announced is RIVUS Cluj-Napoca, a mixed-use urban regeneration project developed by IULIUS and Atterbury Europe, that has secured the largest loan ever granted to a new real-estate development in Romania, amounting to approximately 400 million euros.
The project will transform 14 hectares of a former industrial platform into a multifunctional development with retail, office, cultural, entertainment and park areas, with a total investment of more than 500 million euros.
Alongside Cluj-Napoca, Iași and Timișoara rank among the leading regional office markets in Romania.
In 2025, office leasing activity in Iasi exceeded 6,000 sqm, reflecting a threefold increase year-on-year. The total stock of modern office spaces in Iasi reached 290,000 sqm, with an average vacancy rate of 15% and a prime rent of 14 – 16 euro/sqm.
As for Timisoara, last year the office leasing activity exceeded 14,000 sqm, reflecting an increase of 60% year-on-year. The total stock of modern office spaces in Timisoara reached 280,000 sqm, with an average vacancy rate of 13% and a prime rent of 14 – 15 euro/sqm.
More than 25,000 sqm of office spaces are currently under construction in the regional cities, being due for delivery in 2026 and 2027. Although these projects may signal a development activity recovery, the overall pipeline remains well below the market’s potential, a market which registered an annual average of 50 – 70,000 sqm of new office spaces completed over the past decade.