Romania Fit-out costs in Romania remain among the lowest in the CEE

Office & mixed-use development

30 March 2023

Opr./edited by ANZ

The average office fit-out costs in Romania increased by around 20-30 pct in 2022, due to rising prices, supply chain disruptions, and higher materials’ costs, but also as a result of the increased labor costs. Therefore, companies incurred average expenses of EUR 820 per sqm of office space, according to data from the Cushman & Wakefield Echinox real estate consultancy company.

The fit-out budgets can range from EUR 600 to over EUR 1,200/sqm depending on the project complexity, the materials and the solutions used, but also on the technical and security systems which have been implemented. The costs related to fit-out works, architecture and installations (50 pct) and those pertaining to furniture (30 pct) have the largest shares in the total cost, while also being the most impacted ones by the price increases. Audio-video (AV) and IT systems, as well as project management and design services, are the other major components of any office fit-out project.

Fit-out costs in Romania remain among the lowest in the Central and Eastern Europe, and the outlook is positive, considering that there are no longer any major supply chain issues, and prices have also stabilized.

The price increases determined by the supply chain disruptions and the difficulties related to the shortage of specialized work force, have had a strong impact on the office fit-out costs. In this context, we have noticed an increasing demand for project management services, as companies are becoming aware of the benefits of hiring a project manager to oversee the implementation of the fit-out process. This significantly helps in terms of reducing the risks associated with delays and budget overruns, while also ensuring that the most up-to-date and efficient solutions in terms of sustainability standards are used.
Ana Stroie, Business Development Manager, Project Management Department Cushman & Wakefield Echinox

The project management services involve the management, coordination, and supervision of fit-out projects (office, retail, residential, mixed-use, industrial and logistics) together with the design team, consultants and entrepreneurs for all the main stages of the project.

The increasing demand for project management services has been driven both by large tenants, as well as by smaller companies, which have also started to be more and more active in the office rental market. Small and medium-sized companies with 50-100 employees, which have relocated from B-class buildings or villas to A-class offices, are actively investing in setting up their workspaces in line with the higher standards of these buildings.

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