Study: 2017, the best year for the office market in Romania’s Cluj-Napoca

More than 44,000 sqm of modern office space will be delivered this year in Cluj-Napoca, central Romania, over four times more than in 2016, according to data from Coldwell Banker Transylvania, the local office of real estate consultancy company Coldwell Banker Romania. Thus, 2017 will be best year for the office market in this city. Some of the projects that will bring significant office space to the market are the third phase of The Office, which has 16,770 sqm of leasable space, Novis Plaza – 14,171 sqm, Vivido Business Center – some 7,000 sqm, and Central Business Plaza – nearly 4,000 sqm. More than 47% of the 44,000 sqm of office space to be delivered this year in Cluj-Napoca are already leased. Moreover, the percentage grows to 64% for the office space to be completed in 2018. Some of the biggest office projects to be completed next year are United Business Center, along with the adjacent building Riviera, and Scala Center. The existing modern office space stock in Cluj-Napoca amounts to just over 244,000 sqm, of which 77% are class A offices. Thus, Cluj is the second-biggest office market in Romania, after Bucharest. The vacancy rate stands at some 7%, with an average vacancy rate of 4% on the class A office segment. The average monthly rent for class A offices amounts to EUR 11.5 per sqm. Close to 100,000 sqm of office space leased in Bucharest in Q1 Irina Popescu, irina.popescu@romania-insider.com