Real estate advisory firm Griffes reported an exceptional year in 2024, closing a record-breaking 85,000 sqm of office space. This volume represents the largest volume of transactions mediated in 2024, which confirms Griffes’ position as a strategic partner for both tenants and landlords.
With a well-balanced distribution of transactions between Bucharest and regional cities, Griffes demonstrated its ability to address diverse market demands, from consolidations in the capital city to relocations and expansions in emerging business hubs like Cluj-Napoca, Iasi and Sibiu.
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 favourable 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. This milestone transaction highlights the city’s growing reputation as a tech hub and reinforces its position as the country’s secondary business powerhouse. 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. This transaction underscores the long-term confidence of global tenants in the capital’s strategic importance as a business destination.
Additionally, Griffes facilitated significant relocations and new entries into Bucharest’s premium office spaces, particularly in buildings with green certifications and various amenities. Projects such as J8 Office Park stood out for their innovative technical specifications, energy efficiency, and flexible floorplates.
Griffes’ leasing activity reflected broader market trends in Romania, where tenants prioritized relocations to high-quality, sustainable office buildings. Approximately 36 percent of Griffes’ transactions involved such relocations, while 64 percednt 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, with an average lease duration of 6 years. Griffes’ efforts created an estimated €200 million in value for landlords, ensuring long-term stability for tenants and income generation for landlords.
“Our 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 our 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,” commented Andreea Păun, Managing Partner at Griffes.
“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 centres are stepping confidently onto the stage as major business hubs, and we’re thrilled to be part of their evolution,” said Andreea Păun.