Evolution comes as a result of the record volumes recorded in Timisoara over the past two years, both in terms of new stock deliveries and in terms of volume of rental transactions. According to the analysis of Activ Property Services, Timisoara's office stock increased by 53,000 sqm in the first six months of this year, already exceeding 26% last year's deliveries.
As a result of this evolution, the modern speculative stock in operation increased to 180,000 sqm, corresponding to a density of 564 sqm per thousand inhabitants, exceeding by 30,000 sqm the similar stock in operation in Cluj-Napoca (150,000 sqm).
The Timisoara office market has registered the most effervescent growth period in its history, developing rapidly with new Class A buildings, most of which are located in the expanded central area. Over the past year and a half, 95,000 sqm of offices were delivered, representing practically a doubling of the stock in operation in Timisoara, the analysts say.
Office supplies from the first half of the year include the Vox Technology Park, the first building within the Isho project and the extension of the Nokia campus in Bega Business Park with a new building. By the end of the year, the United Business Center 3 building will be completed within the Openville mixed project so that new office supplies in 2018 will go up to 71,000 sqm, an annual record for a city outside Bucharest.
Real estate specialists appreciate that this stock growth was supported by the record volumes of demand in the last two years in Timisoara, with major transactions totaling 41,500 square meters in 2016 and 39,000 square meters last year. The volume of rents in the first half of this year amounted to 8,000 sqm. The largest share in total transactions was represented by consolidations of large occupants in new headquarters, followed by expansion activities, but also new entrants. (source: agerpres.ro)
