Modern office inventory in Romania’s top regional centers – Cluj-Napoca, Timisoara, Iasi and Brasov – will reach 1 million sqm in 2020, one year later than initially estimated, despite record deliveries in 2019 of almost 130,000 sqm, according to the Office Market Regional Cities report by Cushman & Wakefield Echinox.
At the end of the first half, the modern office inventory in these cities was 872,000 sqm and, by the end of this year, it will reach 910,000 sqm.
Cluj-Napoca is the most developed regional market, with a stock of 330,000 sqm, followed by Timisoara (227,000 sqm), Iasi (185,000 sqm), and Brasov (130,000 sqm). The office sector in Cluj-Napoca also entered the investors’ radar with two deals concluded in 2019: The Office by Dedeman and Liberty Technology Park by White Star.
In 2020, the office deliveries in these cities are expected to reach 114,000 sqm, the most important project to be completed being Record Park in Cluj-Napoca, the third building of the ISHO project in Timisoara, and AFI Park Brasov.
(Photo source: Pexels.com)
More than 7,000 new apartments would be delivered in 2019 in the immediate vicinity of office projects in Bucharest, and...