Office market in regional hubs in Romania goes up

Developers will deliver some 96,000 sqm worth of office space in Cluj-Napoca, Timisoara, Iasi and Brasov this year, whereas the demand amounts to some 80,000 sqm, said Mihaela Galatanu, head of research within DTZ Echinox. Cluj Napoca and Iasi will each receive some 36,000 sqm of office space in 2015. The inventory of modern office space amounted to 493,000 sqm in the four cities at the end of 2014, up 10% compared to 2013. The new deliveries totaled about 43,000 sqm in 2014, 83% of which were completed in Cluj-Napoca. The demand reached 25,000 sqm in the four cities in the first quarter of the year. This shows that the office market in the regional cities is set to perform even better than last year, when new tenants leased some 55,000 sqm, double compared to 2013, said Galatanu. Some 70% of the demand came from IT&C and telecom companies. editor@romania-insider.com