More than 80% of Romania’s largest office occupiers spend less than 5% of their turnover on modern office spaces

Bucharest, December 2025: The largest office occupiers in Romania have annual estimated occupancy costs exceeding €260 million for the modern office spaces they are currently leasing (headquarters and secondary offices), representing less than 1% of their cumulative turnover achieved in 2024, according to an analysis performed by the Cushman & Wakefield Echinox real estate consultancy company.

The analysis takes into account the 2024 turnover of 76 major companies active in various sectors, such as IT&C, professional services, finance, oil & gas, energy, automotive, e-commerce, retail, FMCG, advertising, electronics, gambling, and cosmetics. Each company occupies more than 4,000 sq. m of office spaces in modern buildings across the country.

Together, these companies are leasing nearly 1.1 million sq. m of office spaces in Bucharest and in the major regional cities – Iasi, Cluj-Napoca, Brasov, and Timisoara – the capital and these cities having a combined stock of 4.5 million sq. m of such spaces.

For most companies (53%), the office occupancy costs account for less than 2% of their turnover, while 31% of the major tenants spend between 2% and 5% of the annual revenues on their office spaces. For the remaining 16%, the occupancy costs exceed 5% of the turnover, without reaching as much as 10% for any of the analyzed companies.

The companies in question achieved a total turnover of €41.1 billion in 2024, with approximately 120,000 employees working almost exclusively in the modern offices they are leasing.  The office occupancy costs for these companies, consisting of rent, service charges and utilities, are estimated at more than €260 million per year, the equivalent of ~€180/ employee/ month.

The analysis also reveals that 44% of the largest tenants are IT&C companies, occupying 540,000 sq. m of office spaces and paying ~€130 million annually in occupancy costs. Moreover, 11% are financial companies, with 180,000 sq. m and annual costs of ~€50 million, while 5% of the largest tenants are telecom operators, leasing 47,000 sq. m for which they pay less than €14 million annually.

The costs of IT&C, financial, and telecom companies represent approximately 75% of the total occupancy costs pertaining to the largest office tenants.

Vlad Saftoiu, Head of Research at Cushman & Wakefield Echinox: “This is the second time we have analyzed what is the share of office occupancy costs in the company revenues for the largest tenants in Romania, the first assessment being performed at the end of 2020. Despite the different circumstances in which these studies were conducted, both illustrate the fact that businesses allocate a relatively small percentage of their revenues to leasing modern office spaces across the country. Moreover, despite recent pressures from minimum wage increases, inflation, and higher physical office occupancy in the last few years, these costs remain significantly below 5% of the companies’ revenues.”