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Real Estate: Timisoara surpasses Cluj-Napoca to become the second office center after Bucharest
Timisoara became the largest office market in the country by the middle of this year, surpassing for the first time the office space in operation in Cluj-Napoca, http://business-review.eu reads.
The development comes as a result of the record volumes registered in Timisoara over the past two years, both in terms of new stock deliveries and in terms of the volume of rental transactions. The office stock in Timisoara increased by 53,000 sqm in the first six months of this year, already exceeding by 26 percent last year’s record deliveries.
As a result, the modern speculative stock in operation increased to 180,000 sqm, corresponding to a density of 564 sqm per one thousand inhabitants, exceeding by 30,000 sqm the similar stock in operation from Cluj-Napoca (150,000 sqm).
“The office market in Timisoara records the most effervescent growth period in its history, developing rapidly with new Class A buildings, most of them located in the expanded central area. Over the past year and a half, 95,000 m2 of offices have been delivered, representing practically a doubling of the stock in operation in Timisoara,” Felicia Vasiu, manager of the Timisoara office of Activ Property Services, stated.
The office supply in Timisoara in the first half of the year includes the Vox Technology Park, the first Isho project building, and the expansion of the Nokia campus in Bega Business Park with a new building. By the end of the year, the United Business Center 3 building will be completed in the mixed OpenVille project, so new office supplies of 2018 will go up to 71,000 m2, an annual record for a city outside Bucharest.
“The increase in the stock was supported by the record volumes of demand in the last two years in Timisoara, with major transactions totaling 41,500 sqm in 2016 and 39,000 sqm last year. The volume of rents in the first half of this year amounted to 8,000 sqm. The largest share in total transactions was represented by consolidations of large occupants in new headquarters, followed by expansion activities and new entrants,” concluded Vasiu.