Full article can be viewed on our property valuation site:
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.
The development activity on the shopping centres market has slowed lately, as a result of the delays in obtaining construction permits, but also due to a limited number of active developers and a decreasing number of opportunities to build dominant schemes across the main cities.
Only one shopping center was delivered in the first 6 months of this year, respectively the 11,000 sq m GLA gallery at the ground floor and mezzanine of Platinia residential complex in Cluj Napoca.
The modern shopping center stock has reached a total of 3,152,215 sq m GLA nationwide, corresponding to a shopping centers density of 159 sq m / 1,000 inhabitants. Most of the major cities have average densities of 250-550 sq m / 1,000 inhabitants, with only 7 cities having superior ratio (Suceava, Oradea, Deva, Constanta, Pitesti, Bacau, Arad).
NOKIA has started in 2015 a process to consolidate its offices in Timisoara into a single location, as part of the new Bega Business Park developed by Bega Grup.
The relocation and expansion activity followed several phases during 2015-2017, reaching today a total office area of 27,000 sq m leased by NOKIA in Bega Business Park. The company becomes the largest office occupier outside Bucharest.
NOKIA fully operates the park’s 1st building of 15,700 sq m GLA, currently under expansion with another 1,420 sq m, and has pre-leased 10,230 m2 in the second building that is now under construction, being assisted by the real-estate consultant ACTIV Property Services.