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Timisoara registered a record volume of office take-up during the first 9 months of the year, outpacing the other major markets outside Bucharest, namely Cluj-Napoca and Iasi.

There were recorded major leases exceeding 32,000 sq m GLA during Q1-Q3, corresponding to a 12% year-year improvement.

The take-up volume has doubled during the last 3 years, jumping from 18,500 sq m GLA in 2015 to 41,400 sq m GLA in 2016, while this year there is expected a new top record, confirmed so far by the spectacular evolution from the first 9 months.

„Starting with 2015, Timisoara’s office market is on a steady growing trend, sustained by the rapid expansion of the IT&C and research & development sectors, with a number of major companies that have consolidated their offices in new buildings provided with A-class specifications and facilities.” says Felicia Vasiu, the general manager of ACTIV Property Services’s Timisoara office.

„Our company has been involved in the lease of 15,650 sq m GLA of office space in Timisoara during the first 9 months, reaching a 50% market share. Our leasing activity excedded 36,000 sq m of transactions during the last 3 years in Timisoara.” says Felicia Vasiu.

Timisoara is one of the main IT&C and R&D (Research&Development) hubs in Romania, including major international companies that entered the city and expanded rapidly year by year. The main leasing transactions signed lately involved offices for Bosch, Atos, Autoliv, Visma, Hella, ACI, SAP etc.

NOKIA consolidated their offices to a single location and has become the largest office occupier outside Bucharest with 27,000 sq m GLA let so far in Bega Business Park, process assisted by ACTIV Property Services.

OFFICE STOCK

Timisoara has 190,000 sq m GLA of modern speculative office space, out of which 45% has A-class specifications. Approximately 33% of the existing stock was delivered during the last three years.

Deliveries are expected to reach a record-high of 66,640 sq m GLA this year, including 28,200 sq m GLA already completed during the first three quarters and two buildings (UBC 1, Vox Technology Park) with a total of 38,440 sq m GLA that will be delivered until the end of the year.

Developers have 48,000 sq m GLA of buildings under construction announced for 2018. In addition, the further phases planned for the pipeline projects allow the development of another 160,000 sq m GLA of office space on medium-term.

Timisoara’s office stock will reach 277,000 sq m GLA of speculative space at the end of 2018, marking a 73% growth as compared with the figures from the start of this year.

TIMISOARA – OFFICE STATS

EXISTING STOCK:                                                           190,000 sq m GLA (595 sq m GLA / 1.000 inhab.)

NEW STOCK 2017 (a+b):                                              66,640 sq m GLA

1. a) buildings completed (first 9 months): 28,200 sq m GLA
2. b) buildings to deliver Q4 2017: 38,440 sq m GLA

NEW STOCK 2018 (UNDER CONSTRUCTION):     48,000 sq m GLA

PROJECTS ON MEDIUM TERM:                                 157,000 sq m GLA

The main office projects in Timisoara, having various stages of development, are listed in the table below. 

Source: ACTIV Property Services