The volume of rentals has doubled in the last 3 years, from 18,500 square meters in 2015 to 41,400 square meters in 2016, and this year Timisoara is expecting a new record of rentals, confirmed by the spectacular evolution of the first 3 quarters.
"Since 2015, the Timisoara office market has been boosted by the rapid expansion of the IT & C sector and R & D centers with a series of consolidation of the main occupants in new buildings with modern class A specifications and functions", says Felicia Vasiu, manager of the Timisoara office of Activ Property Services.
Timisoara is one of the main IT & C and R & D centers in Romania, attracting major international companies that have expanded their local presence every year. The most significant office space has been leased in recent years by companies such as Bosch, Atos, Autoliv, Visma, Hella, ACI, SAP etc. Nokia has consolidated its offices in one location and has become the largest occupier of office space outside Bucharest, with an area of 27,000 sqm.
Timisoara owns 190,000 square meters of modern office space, of which 45% are Class A spaces. Approximately 33% of the existing stock has been delivered in the last 3 years. Deliveries are expected to reach a record high of 66,640 square meters in 2017, while in the first nine months of the year, offices with an area of 28,200 square meters were completed and two other buildings (UBC 1, Vox Technology Park) totaling 38,440 square meters will be delivered by the end of the year.
The office stock in Timisoara will reach 277,000 sqm by the end of next year, a 73% increase compared to the beginning of this year. (source: wall-street.ro)
