about us | newsletter | contact | archive | members area
Nicolae Ghibu, Certsign
Regulations will come gradually and will cover all areas»

The office stock in the major Romanian regional cities has doubled over the past five years

The office stock in the major regional cities - Cluj-Napoca, Timisoara, Iasi and Brasov - has doubled over the past five years and will continue to grow at an accelerated pace, being expected to exceed the one million sqm threshold in 2019, according to the Cushman & Wakefield Echinox Office Market Regional Cities study.

2018-09-13 14:01:34

At the end of H1 2018, the Class A and B office stock in the four cities reached 780,000 sqm, up 12 per cent (equivalent to 87,000 square meters) compared to the same period last year. The largest regional market is Cluj-Napoca, with a stock of 282,000 square meters, while the second place is occupied by Timisoara with a stock of 213,000 sq m, where new spaces with an area of nearly 70,000 square meters have been delivered during the past 12 months. The modern office stock in Iasi remained stable at about 180,000 square meters, while the corresponding figure for Brasov is of 103,000 square meters.
2018 appears to be the most prolific year for the office markets in these cities, with total deliveries estimated at around 122,000 square meters, according to the study: "The pace of development is expected to accelerate in 2019, when new projects with a cumulated area of about 190,000 square meters are announced for delivery, therefore exceeding the one million sqm threshold. In comparison, we estimate that Bucharest′s office stock will reach 3 million square meters at the end of 2019."
"We notice that the office market in the major regional centers continues to grow, being boosted by the energy and skills of over 180,000 students in these cities," said Madalina Cojocaru, partner, office agency, Cushman & Wakefield Echinox. "While analyzing the major projects, the tone was set by Timisoara, with the City Business Center project, followed by the United Business Center project in Iasi and The Office in Cluj-Napoca. In the past year, Timisoara has returned to the forefront through projects such as Openville, ISHO and Vox Technology Park, while in Brasov the Coresi project continues to expand, with AFI Park Brasov being expected to be delivered in 2019. With unemployment rates ranging from 0.9 per cent in Timis and 3.6 per cent in Iasi, the biggest challenge for developers and office occupiers is the recruitment and retention of talents, therefore the accessibility, proximity to centers of interest (faculties, restaurants, entertainment areas, etc.) and technical facilities will differentiate between projects."
Rents for class A office buildings vary between 11-13 euro / sqm / month in Brașov and reach 13.5 - 15 euro / sqm / month in Cluj-Napoca, while the service charges vary between 2 - 3.5 euro / sqm / month, depending on the specificity of each building.

There are 0 comments:

Validation Code

0 Comments  |  1255 Views
Daily Info
Smart city is not a fad, it's a necessity

In June 2018, the ranking of the most "smart" cities in the world was published. In other words, the most advanced cities in terms of human capital, social cohesion, the econo...

Ondrej Safar, CEZ Group: "Romania can become a hub for international smart solutions providers"

"We are already in the digital age, so the upward trend of implementing smart solutions is inevitable in all areas," he tells The Diplomat-Bucharest. "Especially in terms of u...

Telekom Romania, a strong supporter of Smart City development in Romania

Just like many other countries in the world Romania is now facing an unprecedented growth of the urban population, which can be both beneficial and detrimental for the society...

In the industrial era, the fight was for finite material resources. Not anymore

Now organizations fight and develop themselves for and around their talent. In a nutshell, getting ahead in today's business world is all about attracting and inspiring an e...

Richard Sareczky, Mol Limo: "We look at expansion locations across CEE including Romania"

Consumer mobility behaviour is changing, leading to up to one out of ten cars sold in 2030 potentially being a shared vehicle and the subsequent rise of a market for fit-for-p...




More on News
President Iohannis urges Romanians to be more united, stay involved in modernizing Romania

Romania's President Klaus Iohannis urged Romanians in France to be more united and stay involved as much as they are now in helping modernise Romania.


Two billion youth risk of being left behind in the Fourth Industrial Revolution workforce, says Deloitte

Almost two billion youth worldwide risk of being left behind in the Fourth Industrial Revolution (Industry 4.0) workforce, which is changing at an increasingly rapid pace a...


ArcelorMittal receives binding offer for European assets from Liberty

British-owned Liberty announced a conditional agreement to buy four European steel plants, employing more than 12,500 people.


Revolut gets European banking license

Fintech startup Revolut is now officially a bank. While the startup initially expected to get its European banking license during the first half of 2018, the company has fi...


The Romanian labour market needs a well-thought approach, says FIC

The Foreign Investors Council (FIC) has signaled in the past 2-3 years that its members are anticipating increasing strains on the Romanian labour market because starting w...


Dacia receives 115.8 million RON in state aid from the Finance Ministry

The Romanian Finance Ministry has signed five more grant agreements under the state aid scheme, and among the beneficiaries are Automobile Dacia, with RON 115.8 million.


EBRD cuts economic growth forecast for Romania

Romania's economy will grow by 4.2 per cent this year and by 3.6 per cent in 2019, according to the most recent forecast released by the European Bank for Reconstruction an...