Over 20,000 sqm of new office space to be delivered each year in Romania's Cluj-Napoca
Modern office space (Class A) deliveries in Cluj-Napoca are expected to reach 23,900 sqm this year, 2.4 times higher than in 2018, and remain high over the next two years as well, according to real estate consultancy firm SVN Romania.
In 2020, new office space deliveries in the city are expected to decline by 14% compared to this year, to 20,500 sqm, while, in 2021, they are expected to pick up again, to an estimated 22,000 sqm, according to SVN estimates.
The robust deliveries in 2020 have pushed up the vacancy rate for Class A offices in Cluj-Napoca to 6.3% and there is also an available stock of Class B spaces with “pretty sound” specifications, totaling some 18,000 sqm.
Cluj-Napoca is the second market for office space in Romania, with a stock of 273,860 sqm of Class A offices, while the total stock of offices, including Class B buildings, reaches 315,800 sqm.
(Graph courtesy of SVN Romania)