The office building has accelerated in Cluj-Napoca and has the potential to reach a maximum historic supply in 2019, the newly announced buildings amounting to 80,000 m2. Half of this surface (40,000 m2) has already been delivered, and another 6 buildings are expected to be inaugurated by the end of the year.
The significant level of demand allowed for an accelerated development of the Cluj-Napoca office market, over the last 5 years, almost 180,000 m2 of new spaces were delivered, representing 60% of the total speculative stock now in operation. Given that the major rental transactions amounted to 20,000-40,000 m2 per year, the occupancy rate has remained at over 90-95% in recent years, most of the representative buildings being fully occupied.
The rent level has remained relatively constant in recent years in Cluj-Napoca, with average values of 13-14 Euro / m2 / year for Class A spaces, respectively 10-12 Euro / m2 / year for Class B buildings. (source: moneybuzz.ro)
