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Timisoara has become the largest office market outside Bucharest at mid-year, overtaking the volume of office stock in Cluj-Napoca for the first time.
The jump in ranking follows the record office activity registered during the last two years in Timisoara, both in terms of new deliveries and take-up.
Timisoara’s office stock increased by 53,000 sq m GLA in the first 6 months of this year, exceeding already by 26% the completions of last year. The total existing speculative stock delivered in the last 10 years has increased to 180,000 sq m GLA, coresponding to a density of 564 sq m / 1,000 inhabitants, overtaking by 30,000 sq m the existing speculative stock delivered in the last 10 years in Cluj-Napoca (150,000 sq m GLA).
„The office market in Timisoara is registering today its most effervescent development period in its history, witnessing an accelerated delivery of A-class new offices, most of them being located in the extended central area of the city. The office stock has doubled during the last one year and a half, after 95,000 sq m of new space saw completion.” says Felicia Vasiu, Head of Timisoara Office at Activ Property Services.
The first half of the year office deliveries include Vox Technology Park, the first building of Isho and the expansion of Nokia Campus in Bega Business Park with a new building.
United Business Center 3, part of OpenVille mixed-use project, is also announced for delivery until the end of this year, increasing the 2018 office completions to 71,000 sq m GLA, an annual record for a city outside Bucharest.
„The growth in supply was sustained by the record levels of take-up witnessed during the last two years in Timisoara, reaching 41,500 sq m in 2016 and 39,000 sq m in 2017. A take-up volume of 8,000 sq m was reported in the first half of this year. Most demand comes from large occupiers that consolidate as part of new offices, followed by expansion activities, but also new entries.” says Felicia Vasiu.