Office space leases in Timisoara, up 12% year-on-year

The office space leasing contracts signed in Timisoara increased by 12% in the first nine months of this year compared to the same period in 2016, reaching over 32,000 sqm. The volume of new leases has doubled in Timisoara in the last three years, from 18,500 sqm in 2015 to 41,400 sqm in 2016, reports local Wall-street.ro. The office market is expected to see a new record of rentals this year, confirmed by the spectacular evolution of the first three quarters. The office market in Timisoara has been significantly growing since 2015 due to the rapid expansion of the IT&C segment. Timisoara is one of the main IT&C and R&D centers in Romania. It has attracted major international companies, which have expanded their local presence every year. For example, Nokia has rented 27,000 sqm in Bega Business Park, consolidating its offices in one location. It has the largest rented office space outside Bucharest. Timisoara currently owns 190,000 sqm of office space. About 33% of this stock has been delivered in the last three years. editor@romania-insider.com