Griffes closes 2024 with record 85,000 sqm of office space transactions

Griffes real estate advisory firm reports a record-breaking 85,000 sqm of office space transactions in 2024.

Griffes’ activity outside Bucharest accounted for 25 percent of its total transaction volume, with Cluj-Napoca leading the way. This city continued to attract investments, particularly from technology and IT companies looking to tap into its skilled talent pools and favorable business environments.

In Cluj-Napoca, Griffes facilitated the largest new office lease in the city over the past 5 years, a 10,000 sqm relocation for a leading technology company. Griffes also supported the entry of Copeland into the market, securing premium office space for their operations within Iulius Group’s portfolio.

Bucharest continued to dominate as Romania’s primary business hub, accounting for approximately 75 percent of Griffes’ total transaction volume in 2024. One of the most notable transactions was Genpact’s renewal of 30,000 sqm at Hermes Business Park, marking the largest office leasing deal in Bucharest in the last decade.

Additionally, Griffes facilitated significant relocations and new entries into Bucharest’s premium office spaces, particularly in buildings with green certifications and various amenities.

Approximately 36 percent of Griffes’ transactions involved such relocations, while 64 percent represented contract renewals, as businesses continued to adapt to evolving workplace needs.

The total value of contracts mediated by Griffes in 2024 exceeded 95 million euros, with an average lease duration of 6 years.

Griffes client portfolio in 2024 reflects a diverse mix of industries, with approximately 30 percent of clients coming from the technology and IT services sector, making it the most prominent category. Professional services companies, including consulting, research, and business process outsourcing, account for around 20 percent of collaborations. The healthcare and wellness sector represents about 15 percent, driven by the growing demand for medical services, pharmaceuticals, and health-tech solutions. Retail and lifestyle businesses make up roughly 10 percent, highlighting the importance of consumer-facing industries. The automotive and logistics sectors constitute another 10 percent, showcasing the increase in mobility and supply chain efficiency. The remaining 15 percent of clients span a variety of fields, including finance, agribusiness, and FMCG.

“This year, we’ve embraced every challenge and opportunity to redefine what it means to create value for tenants and landlords. Our work has gone beyond transactions – it’s been about shaping spaces that align with the visions of our clients. Whether through a record-setting renewal in Bucharest or a landmark lease in Cluj-Napoca, we’ve shown that personalized solutions and a deep understanding of market dynamics make all the difference. Regional university centers are stepping confidently onto the stage as major business hubs, and we’re thrilled to be part of their evolution”, said Andreea Păun, Managing Partner at Griffes.

The average office lease transaction in Bucharest stands around 1,300 sqm, while in the regional cities it ranges between 1,800 sqm in Cluj-Napoca and 700 sqm in other regional cities. In terms of take-up, Bucharest witnessed around 350,000 sqm of office space leased in 2024, reflecting its position as the country’s primary business hub.

The activity in the office leasing market was evenly distributed throughout the entire year, with each quarter accounting for around 25 percent. In 2024, Romania’s office market remained highly dynamic, both in terms of available spaces and tenant activity, with companies increasingly focused on finding efficient and sustainable solutions for their offices as they prepare for the next business cycle. The transaction volume in Bucharest saw a decrease of 20 percent compared to last year, driven by steady but more selective demand for class A buildings with modern specifications and strategic locations. At the same time, regional cities continued to maintain a strong momentum, attracting significant interest from expanding businesses.