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Volume of office rentals outside the Capital grew by 32% in 2015
The volume of office rentals outside the Capital grew by 32% last year to 49,661 sq.m, the biggest office areas being negotiated in Iasi (17,682 sq.m) and Timisoara (13,043 sq.m) according to ESOP Consulting.
“There is a happy tandem which makes possible the development of the office market in big cities in Romania - the labour force demand of IT&C and outsourcing companies and the increase of quality offers of office areas in new buildings, according to international standards. Romania ranks second in Tehnologia CE Fast 50 top Deloitte after Poland. This is materialized in the investors’ growing interest in the labour market in Romania and implicitly for its accommodation not only in the Capital but also in all big university centres,” according to Alexandru Petrescu, ESOP Consulting managing partner.
The real estate consultant negotiated last year a transaction for 4,000 sq.m in City Business Center, Timisoara for Hella company and another one of 1,000 sq.m in Palas, Iasi for Cegeka.
The office building where big areas were negotiated last year at national level were Palas and Unites Business Center 3 of Iasi, City Business Center and UBC Open Ville of Timisoara, Cluj Business Center and The Office of Cluj Napoca.
After Iasi and Timisoara, office areas of 6,500 sq.m were negotiated in Craiova, 5,350 sq.m in Cluj Napoca, 3,800 in Brasov, 1,886 sq.m in Oradea and 1,400 sq.m in Bacau.
According to ESOP, the trend will be the same this year and the interest in labour force outside the Capital will be as big as in 2015.
“This wave of multinational and Romanian companies choosing secondary towns will lead to the real estate investors’ growing interest in the office market in these localities. As a result we estimate that the quality of new buildings in Timisoara, Cluj Napoca and Iasi and the stability of this local business will attract more international real estate investors, like Nepi, which will be followed by secondary markets like Craiova or Brasov, on the long run,” Petrescu added.
ESOP is one of the main real estate consultants with 15 years of experience in the office and residential markets.