Cluj-Napoca leads regional office market, securing 76% of office leases outside Bucharest in 2024

Cluj-Napoca, February 2025 – Cluj-Napoca dominated Romania’s regional office market in 2024, accounting for 76% of all modern office space leased outside Bucharest. Companies secured a total of 48,008 square meters of office space in Cluj-Napoca, marking a fourfold increase compared to 2023, according to an analysis by Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance.

Across Romania’s secondary office markets, companies leased a total of 63,024 square meters, including new leases and contract renegotiations. Cluj-Napoca emerged as the clear leader, outperforming Timisoara and Brasov, which took second and third place, respectively.

Several major corporations contributed to Cluj-Napoca’s office market boom, including Betfair, Orange, Banca Transilvania, Yopeso, Deloitte, Endava, Nestlé, MedLife, and SAP. This surge in activity contrasts with Bucharest’s office market, which experienced a slight contraction in 2024.

Nicolae Ciobanu, Managing Partner – Head of Advisory at Fortim Trusted Advisors, highlighted Cluj-Napoca’s growing significance in the national office market, stating: “Cluj-Napoca recorded the highest demand for office space outside Bucharest in 2024, solidifying its position as Romania’s second-largest office market. Timisoara retained its ranking in second place, while Brasov climbed to third, supported by new office deliveries in the Coresi Business Campus. In 2025, we expect these three regional office hubs to continue their strong performance.”

Timisoara maintained its second position in 2024 but saw a decline in total rental volume compared to 2023. Meanwhile, Brasov rose to third place, benefiting from new office space deliveries in the Coresi Business Campus complex.

In contrast, Iasi experienced a slowdown in office leasing activity, primarily due to a lack of new office building deliveries. The stagnant supply in Iasi highlights the importance of continued development to meet the growing corporate demand for modern office spaces.

The Romanian office market outside Bucharest is poised for continued growth in 2025, with Cluj-Napoca, Timisoara, and Brasov expected to remain the key regional hubs. With Cluj-Napoca leading the way, these cities are becoming increasingly attractive for companies seeking modern office environments outside the capital, reinforcing their role as dynamic business centers in Romania.

The Krenzia family is preparing a major residential project in northern Bucharest

The family of businessman Amir Krenzia, who co-founded the confectionery manufacturer Alka, plans to enter the real estate market with a large-scale residential project located near his factory in northern Bucharest.

The Krenzia family is now analyzing the details of the documents required to build a residential complex with blocks of flats starting from 4-5 floors and reaching up to 11 floors, on a plot of land of about 22,000 square meters located near Petrom City in Străulești and the Alka candy factory. The project will include about 500 apartments, being the first residential project carried out by the Krenzia family.

The future project of the Alka owners would be adjacent to the The Level residential complex, which the developer Redport Capital is building together with Dan Șucu. Around Petrom City, a series of residential complexes with a total of over 4,000 apartments are in various stages of development.

Source: Profit.ro
The Krenzia family is preparing a major residential project in northern Bucharest

Source: Profit.ro

A group of Romanian investors is preparing a residential project near the former IMGB

A group of Romanian investors, coordinated by the Chitafes family, is preparing the demolition of buildings built 25 years ago near the former IMGB industrial platform, in southern Bucharest. The land with an area of 15,569 square meters borders the former IMGB industrial platform. The lot was purchased in 2022 from the company Sacin, in a transaction brokered by the real estate consulting company Crosspoint Real Estate.

A residential complex that could have around 500 apartments can be built on the cleared land.

The acquisition of the 54 hectares of land of the former IMGB industrial platform by Lion Capital, formerly SIF Banat-Crișana, has increased the potential of the area. Lion Capital demolished the buildings on the former IMGB platform, purchased for 40 million euros in 2020, after which it sold the land to Prime Kapital, which will build a major residential district here, with over 3,100 apartments and a retail park with an area of about 60,000 square meters, and to retailers Dedeman, Kaufland, Lidl and Altex.

Source: Profit.ro

InteRo Property Development closes EUR 16 million bond issuance with CVI

InteRo Property Development, a leading real estate developer dedicated to urban regeneration through sustainable and innovative projects and developing modern communities, announces a 16-million-euro bond issuance for the development of Pajurei 3 Residence luxury project located within a 3-minute walk from the Jiului metro station in the Bucharest Noi area. The agreement was recently closed with CVI, an independent asset manager from Poland, operating since 2012 and managing portfolios for 8 investment funds in private debt strategies with a total AUM of nearly EUR 900 million.

Part of the capital raised is allocated to the completion of works of the Pajurei 3 Residence real estate project, while another part will be used for refinancing another investment. Pajurei 3 Residence is the first luxury project developed by InteRo. It received the building permit in April 2024 and currently the underground structure is completed, and the aboveground structure will be completed in June. This luxury residential project will provide 160 apartments with refined design and beautiful amenities, including outdoor pool, barbeque area, fitness centre, event room, a children’s playground and dog parks. 60% of the Phase 1 apartments have already been sold.

”We are pleased to have successfully secured this financing for Phase 1 of Pajurei 3 Residence, ensuring that the remaining works are funded with 8-million-euro cash on hand. This transaction highlights the strong appeal of the local market for international capital. We appreciate the efficient and collaborative approach of CVI, whose expertise and professionalism played a key role in executing this transaction smoothly,” said Michael Topolinski III, Founder and CEO of InteRo Property Development.

”We are confident in the Romanian real estate market and its long-term potential within the CEE region. Romania continues to present attractive investment opportunities, driven by a dynamic market that prioritizes quality developments. InteRo’s commitment to delivering value through modern real estate projects aligns with our investment philosophy, fostering sustainable growth for its partners”, added Jakub Kozłowski from CVI.

Nhood Romania surpasses EUR 10 million in revenue, achieving 10% growth in 2024

Nhood Romania, an integrated real estate services and solutions company, reported revenue exceeding EUR 10 million in 2024, marking a 10% increase compared to the previous year. At the same time, the company’s net profit grew by 63% year-over-year, leveraging a diversified portfolio and operational efficiency.

“In 2024, Nhood Romania continued to expand its portfolio by diversifying the projects managed and increasing the number of clients outside the group’s portfolio. Ceetrus remains our primary client, but we have also successfully secured seven new mandates with third-party clients. This growth strategy, established at the end of 2023 and implemented throughout 2024, has already delivered results that exceeded expectations,” stated Elena Bocan, Head of Market & Resources & Fund Investment, Nhood Romania.

Among the new clients that joined Nhood Romania’s portfolio in 2024 are Urbano Cluj and Lagardère (for leasing services), a key player in the entertainment industry (for entertainment consulting and advisory), MADEX (for real estate development and project management services), and Spartan (for international expansion and franchise services).

LPP Romania expands fashion presence with Six Sinsay store openings in a single day

LPP Romania is strengthening its footprint in the country’s fashion retail market with an ambitious expansion, inaugurating six new Sinsay stores in a single day. The latest additions include Sinsay Florești, Sinsay Grand Arena, Sinsay Bacău Supernova, Sinsay Măcin, Sinsay Târgu Mureș Plaza M, and Sinsay Brașov ITC.

With these openings, LPP Romania now operates a total of 245 stores, an impressive milestone considering 60 of them were launched within the past 12 months.

LPP remains one of Central Europe’s fastest-growing fashion retailers, boasting nearly 2,500 stores across 40 countries. The company’s portfolio includes five well-known fashion brands: Reserved, Cropp, House, Mohito, and Sinsay.

The retailer’s logistics operations are also expanding, with its LPP Group facility at CTPark Bucharest West incorporating state-of-the-art conveyor belt systems and automated workstations. Managed by LPP Logistics, the center has a storage capacity of up to 25 million items, supporting the company’s continued growth and operational efficiency in Romania and beyond.

CTP leases 64,000 sqm to logistics services provider Milsped

Czech industrial property developer CTP has leased a total of 64,000 square metres at three of its industrial and logistics parks in Serbia to local logistics services provider Milsped. The leased space spans CTP’s parks in capital of Belgrade, northern city of Novi Sad, and southern city of Nis, bringing Milsped’s overall footprint with CTP to 105,000 sqm.

The new leases mark a substantial expansion in Milsped’s operations and allow the company to address the rising demand for logistics services throughout Serbia and the broader region of Central and Eastern Europe.

CTP is a full-service commercial real estate developer specialising in designing, managing, and delivering custom-built, high-tech business parks across CEE. In Serbia, it manages a total gross leasable area of 600,000 sqm with an additional 200,000 sqm to be delivered in 2025.

PSD announces public consultations for measures to protect clients in real estate transactions

PSD parliamentarians, together with Coalition partners, announce that they will organize public consultations in order to regulate protective measures for clients who conclude sale-purchase deeds with real estate developers.

The consultations will take place at Parliament. Representatives of real estate developers, public notaries and the National Agency for Cadastre and Real Estate Advertising will participate in the discussion.

The aim is to complete the legal framework with regulations that will offer final clients firm and sufficient guarantees for the advances paid in real estate transactions and that will also ensure the development and proper functioning of the profile market in Romania.

PENNY expands national network with new store in Slobozia

Slobozia, February 2025 – PENNY Romania continues its rapid expansion, inaugurating its third store in Slobozia, located at Matei Basarab Boulevard, No. 72. This latest opening follows a year of accelerated growth, during which PENNY surpassed the 400-store milestone and strengthened its nationwide presence. With the addition of the new Slobozia location, the retailer’s network now consists of 417 stores across Romania.

The new store features a sales area of 866.77 square meters and provides 26 parking spaces for customers.

PENNY, part of the German REWE Group, has been one of the most active retailers in Romania since entering the market in 2005. Its operations are supported by four logistics centers in Ștefăneștii de Jos, Turda, Bacău, and Filiași. With a growing network of 417 stores and a workforce of over 7,300 employees, PENNY continues to strengthen its position in the Romanian retail market.

Romania slashes 2025 “New House” program budget by half

The Romanian government has drastically reduced the budget for the “New House” program in 2025, allocating only RON 500 million, a 50% decrease from last year’s EUR 1 billion fund. The program, which provides state-backed guarantees for home loans, aims to support first-time buyers and individuals who own a home smaller than 50 square meters.

Under the program, the state guarantees up to 60% of the loan value, with a minimum down payment of 5% for homes priced under EUR 70,000. If a borrower fails to pay installments for more than 90 days, the bank can request the state to cover the guarantee. However, a key limitation of the program is that beneficiaries cannot opt for a fixed interest rate, exposing them to potential market fluctuations.

Initially launched in 2009 as “First House”, the government-backed scheme has facilitated over 330,875 guarantees and guarantee promises for individuals securing financing for home purchases. Despite its benefits, the reduction in funding raises concerns about fewer approvals and increased competition for limited resources, potentially making homeownership more challenging for many aspiring buyers in Romania.

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