TCN Worldwide Real Estate Services

Cluj-Napoca is the first city outside Bucharest that reaches a modern speculative office stock of 300,000 sq m GLA following the delivery of several new office buildings in the first half of the year.  

The local real estate market is expected to register almost 2 million sq m of new commercial properties (retail, office, industrial) delivered in 2019, representing a 37% year/year growth, according to the annual market report launched by Activ Property Services.

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New offices of over 255,000 sq m GLA were delivered last year at national level, with top locations being Bucharest (150,000 sq m GLA) and Timisoara (53,000 sq m GLA). Major deliveries included Orhideea Towers, Globalworth Campus (building 2) and the first phase of Campus 6 in Bucharest, respectively new buildings as part of Coresi Brasov, Bega Business Park Timisoara, Isho Timisoara and United Business Center Riviera in Cluj-Napoca.

The total value of office deliveries is estimated at 504 million Euro, with an average rent that varies in between 11-15 Euro/sq m/month and an average yield of 7.5-8.5%.

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Activ Property Services brokered the lease of two office spaces in Art Business Center 5. The two spaces totaling 500 sq m on the 2nd floor were leased by GTM Managing Services and Vehicle Management System.

Both companies offer services for the automotive sector and have chosen Activ Property Services’s office consultancy throughout the online platform