Cluj-Napoca is the first Romanian city outside Bucharest to pass the threshold of 300,000 square meters (sqm) of modern office spaces developed for renting (speculative investments).

The new office spaces delivered this year will reach a record of 80,000 sqm. The spaces completed in the year-to-date period reached 40,000 sqm already, according to consultancy firm Activ Property Services, local Economica.net reported.

However, the stock of office space in Cluj-Napoca is only one-tenth of the office space hosted by the capital city Bucharest.

Over the past five years, 180,000 sqm of speculative office spaces were completed in the city. Since 20,000-40,000 sqm of space was rented each year, the occupancy rate remained around 90%-95%. Most of the top buildings feature a 100% occupancy rate.

The level of rents has remained relatively constant in recent years in Cluj-Napoca, with average values ​of EUR 13-14 per sqm per year for Class A premises and EUR 10-12 per sqm per year for Class B buildings.

editor@romania-insider.com

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