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Cluj: Local office market revival
Cluj: Local office market revival 2560 1709 ROMANIA PROPERTY CLUB

Office Design by COS for Globant, Cluj

While the modern Class A office stock remained constant at 340,000 sq m, Cluj registered the most dynamic leasing market outside Bucharest in 2024. Close to 30,000 sq m were let in Cluj, a significant uptick compared to the past two years.

The city dubbed “Silicon Valley” of Romania attracted new employers in the IT&C sector, such as Yopeso and HN Services. Companies with a major presence, such as Betfair and Endava, chose to extend their leases, leading to significant renewals of 8,500, and 4,500 sqm, respectively. New entrants in Romania, such as Copeland, acknowledged Cluj’s leading role in nurturing a qualitative talent pool by opening a multi-disciplinary service center that will be a home for more than 200 professionals. Banca Transilvania, the leading financial institution in Romania, headquartered in Cluj extended its presence by renting nearly 4,000 sq m.

Thus, rents registered a slight uptick, ranging between 14 to 16 EUR/sqm. The vacancy rate is single-digit, lower than in Bucharest and other leading regional cities. The prime yield stands at 8.75%, reflecting the recent year’s volatility and increase in interest rates.

In the medium term, more than 70,000 sqm are expected on the market. In addition to the extension of Liberty Business & Technology Park, one of the most expected new deliveries is Iulius’s Group’s new 15,000 sq m development on the former Carbochim platform. Part of a landmark mixed-use development, the new office building will allow companies to benefit from the premium environment created by integrating an ultra-modern shopping destination, lush green areas, and leisure facilities. Iulius has already put its toll on Cluj, following the same transformative urban regeneration strategy applied in Iasi and Timisoara. The office component, under the United Business Center umbrella, features three separate projects built in 2008, 2014, and 2018, totaling 27,000 sqm. Companies that chose to work in UBC buildings include Endava, Genpact, Office Depot, and Analog Devices.

The Office is one of the emblematic business parks in ultra-central Cluj-Napoca. The 60,000 sqm of office and retail were built by Mulberry Development and NEPI Rockcastle custom to Cluj-Napoca market needs.

As this was an accelerated growth market, the business park was constructed in three phases between 2013 and 2017 with the end goal of delivering a 9,000 sq m united floor plate, that could host up to 1,000 employees on a single level. As the metro project is years in the making, The Office concept features 1,100 car parking spaces and up to 400 bicycle/motorbike racks.

The modern amenities, 200 seats capacity conference center, and visually appealing landscaping serve community building purposes for companies such as Deloitte, Yonder, 3Pillar Global, Bombardier, Betfair, Steelcase, National Instruments and Bosch. In 2019, Paval Holding added the landmark property to their portfolio for c.a. 130 million EUR.

Hexagon Offices is a Class A business complex delivered in mid-2019 by a joint venture between local entrepreneurs who managed to secure top-tier tenants such as Cognizant and Accenture. It exchanged hands for 32 million EUR at the end of 2019, being taken over by a Romanian family business.

Another considerable mixed-use development is Prime Kapital’s 17 ha urban regeneration project on the former Cesarom platform. In addition to a medium-sized shopping center and a much-needed residential component, the project should bring 49,000 sqm of offices to market. The master planning and permitting process is still under development, with a soon-to-be-announced timeline.

SILVIU BĂBȚAN, Office Buildings Manager IULIUS Cluj

“2024 was an exciting year for our office component in Cluj-Napoca, as a consequence of a new stage of expansion for companies. We recorded one of the most significant transactions on the office market in Romania, the largest outside the Capital, to our knowledge, representing a new partnership for 8,500 sqm, with a single company, in the IT field. Also, in 2024 we signed new contracts and extensions for an area of ​​20,000 sqm, out of a total of 27,000 sqm totaling the three office buildings developed, in Cluj-Napoca, by IULIUS under the national United Business Center brand. Thus, approximately 50% of the transactions registered this year, in Cluj-Napoca, were for our office buildings. We are at 100% occupancy, but we are happy with the interest in new partnerships, in the context of the development of 15,000 sqm of premium office spaces, in the RIVUS mixed-use urban reconversion project, for which the IULIUS company announced the approval of the Zonal Urban Plan of to the Cluj-Napoca Local Council.”

Cluj: Strong activity in the industrial sector
Cluj: Strong activity in the industrial sector 2560 1920 ROMANIA PROPERTY CLUB

The Cluj modern Class A Industrial & Logistics stock remained stable at 420,000 sq m, registering a slight decrease in the vacancy rate to 4.3%, representing circa 18,000 sq m available.

Rents increased to 4.65 EUR/sq m, close to the prime asking rent in Bucharest – Ilfov, while the pipeline of buildings under construction is 17,000 sq m. The total leasing activity slowed down in the past twelve months.

The 7,800 sq m lease Cargo-partner signed in CTPark Cluj is the most meaningful transaction of 2024.

Transilvania Constructii is an active local player. In Cluj the Romanian developer owns a portfolio of three parks, totaling 161,000 sqm:  TRC Park Cluj, located in Tetarom III, TRC Park Transylvania, located east of the city, with access to E576 and TRC Park Cluj Airport. At the airport facility, the owner plans a refurbishment process, transforming the building’s visual impact while maintaining functional excellence.

There is new, strong active interest in securing production and logistics facilities in Cluj.

Lasselsberger is looking to invest nearly 200 million EUR in a new production facility in Sandulesti, for which it requested state aid in exchange for creating jobs.

German-based Stada recently inaugurated a new production facility in Turda, following a 70 million EUR investment, of which 20 represent state aid. It is the largest greenfield investment on the Romanian pharma market in the last two decades. The factory has a production capacity of 160 million boxes of medicines annually and will have over 300 employees in total. About 20% of the production will remain in Romania, while 80% will be exported to international markets.

Terapia, a SunPharma portfolio company, started construction works to upgrade its landmark facilities in Cluj and add sustainability features.

Knauf is working on a 76 million EUR investment in Huedin: a new factory with an annual capacity of 30 million sqm, which will produce the entire range of plasterboard boards, from standard to special ones for protection against fire, moisture resistance and superior sound insulation performance. The factory in Huedin is designed to meet the most demanding standards regarding energy efficiency and environmental impact, being equipped with the most innovative technology in the field of ovens and dryers.

The market is characterized by a strong presence of local developers and public industrial parks. Local companies recently applied for permits to build up to 100,000 sqm of industrial space in Gilau, while Reggia Capital & Real Estate plans a park displayed on 2.6 ha in Valcele, Feleacu.

Cluj City Hall approved the industrial park status for Parcul Industrial Est, a new project on 14 ha that will host companies in electrical equipment, construction, printing, and tools production. An industrial park status means there will be a tax deduction on land and buildings, in exchange for generating jobs and investments in the local economy. One of the most important industrial parks in Cluj is Tetarom. The city hall approved the Tetarom IV extension and started the bidding process for improving road access to Tetarom III.

Looking forward, the construction of the underground, metropolitan train, motorway, and new connections to the A3 highway (through Tureni, starting in 2025) shall generate new development opportunities in a region with a skilled labor force and tradition in diverse manufacturing.

Cluj: Large infrastructure developments
Cluj: Large infrastructure developments 2560 1707 ROMANIA PROPERTY CLUB

The most awaited projects that will change the city landscape and generate numerous development opportunities are the subway, metro train, and motorway.

The first subway outside Bucharest started preparatory works this summer; effective groundbreaking shall begin at the end of the year. While emotions ran high due to the loss of NRRP partial funding following a two-year procurement and works delay, the Government and Cluj Major jointly announced a 2.2 billion EUR financing solution through another EU-funding program based on green certificates. In 2031, 19 new metro lines will connect one of the most populous metro areas (Floreasti/Gilau) to the city center, the Emerson industrial platform, and the emerging residential area Sopor. The subway capacity is up to 15,200 travellers per way per hour.

The metro train shall connect all the relevant localities, from Gilau to Bontinda, mainly covering Cluj suburbs and industrial platforms. The expected usage is up to 7,600 travellers per day; for budgeting reasons, it shall combine existing infrastructure and create new stops and park & ride facilities. The trains will run daily with a frequency of half an hour, ensuring fast access for over 17,000 inhabitants, who will be able to reach the center of Cluj in less than 30 minutes. The County Council has recently signed the construction permit and obtained the environmental permit. The total investment stands at 230 million EUR.

The metro motorway, one billion EUR investment, began works for the first lot (2 km out of 42 km) this summer. The public procurement process for the second lot (10 km) was recently relaunched, whereas there is no immediate timeline for the bidding process for the third lot (14km). The final stage of the Cluj motorway shall plug into the A3 highway, facilitating further production development.

Cluj short-term rental apartments set strong competition for hotels
Cluj short-term rental apartments set strong competition for hotels 2560 1709 ROMANIA PROPERTY CLUB

Tourism market analysis with the support of Est Hospitality

In the last 11 years, Cluj-Napoca’s hotel capacity increased with around 900 new rooms representing a growth of 44%.

The total number of new hotel rooms from Cluj-Napoca increased with 36%, representing 730 new rooms.  The highest increase of 411% is in the “5-star” ranking (613 new rooms), followed by “4-star” category with 31% (221 new rooms).  Branded hotel rooms in the market total 672 units and represent 23.14% from total capacity.

BRANDED HOTEL NAME NUMBER OF ROOMS RANKING HOTEL GROUP
Double Tree by Hilton 84 5* HILTON
Radisson BLU 149 5* RADISSON
Ramada 107 5* WINDHAM
Golden Tulip Ana Dome 109 4* LOUVRE
Hampton by Hilton 109 3* HILTON
Courtyard by Marriott 114 4* MARRIOTT
TOTAL 672

In the next three years there are four hotel projects in pipeline and an existing hotel with a new wing of rooms and facilities (ie Radisson BLU Cluj) with a total number of rooms of around 622 new rooms representing a growth of 21.4% for Cluj hotel market. In the next three years (2024-2027), Cluj-Napoca has the highest hotel development pipeline from Romania.

BRANDED HOTELS PIPELINE NUMBER OF ROOMS RANKING ESTIMATED OPENING YEAR HOTEL GROUP
Radisson Blu extension 20 5* 2025 RADISSON
Ibis Styles Hotel 110 3* 2025/26 ACCOR
Branded hotel & residences 243 4* 2026/27 INTERNATIONAL
Four Points by Sheraton 109 4* 2027 MARRIOTT
Independent hotel 140 4* 2027 INDEPENDENT
TOTAL 622

The fastest growth trend is in the segment of “apartments and rooms for rent” that are ranked by the Ministry of Tourism from 1-star to 3-star category based on a set of minimum standards. This segment of accommodation represents around 68% of the hotel rooms’ inventory in 2024 and demonstrated a growth of 14% (ie 240 new apartments & rooms) over the last year.

Regarding tourists’ arrivals and overnights in hotels from Cluj, in 2023 it registered a growth of 12-13% compared to 2022. However, Cluj is still below the level of arrivals and overnights from 2019, and this trend might be caused by the competition from “apartments and rooms for rent” segment.

Tourist arrivals and overnights in apartments and rooms for rent in Cluj have registered a double-digit growth in 2023 compared to 2022 (full year) and in the first 8 months of 2024 we observed a robust growth that is higher than same period of 2023.

“The number of new hotel projects is a very good sign of investor’s confidence in local market growth trends for the next three years. However, the new challenge for hoteliers is the double-digit growth trend of the accommodation segment represented by short-term rental apartments, that is putting a big pressure on hotel rates and impact the occupancy rates of hotel units.” Mircea Draghici, Managing Partner, Est Hospitality

Going Forward, Cluj 2.0
Going Forward, Cluj 2.0 2560 875 ROMANIA PROPERTY CLUB

Cluj is a beacon of entrepreneurial success among Romanian regional leaders and Cluj 2.0 is under development.

Over 3 billion EUR of major investments are underway, in key development pillars, such as transportation, healthcare, and education infrastructure.

Its youthful and entrepreneurial vibe appeals to over 700,000 inhabitants (county level), out of which 287,0000 live in Cluj-Napoca, the county’s capital. It is important to note that almost two-thirds of inhabitants in Cluj reside in urban areas, whereas the national average is lower by 10%. A higher urbanization level is generally perceived as a sign of economic development. Cluj’s 24,900 EUR GDP per capita is the second highest level in the country, a consistent spot over the years.

The strong economic development is fuelled by the second-largest population of students -72,000. Babes-Bolyai University is consistently the highest-ranked university in Romania, number 15 in Eastern Europe and 260th in Europe. IT represents the forefront of Cluj’s development. Outstanding performers include: video ad software company LiveRail, that got acquired by Meta in 2014 for 400-500 million EUR; Softvision, Fortech, and EBS were purchased by global giants such as Cognizant ($ 550 million), GlobalLogic/Hitachi (240 million EUR), and NTT Data (not disclosed). AROBS maintained its dominant Romanian DNA by choosing to list on the Bucharest Stock Exchange.

The IT industry is not the only success story in Cluj. Cluj is home to Untold, one of Europe’s top three music festivals (together with Tomorrowland – Belgium and Glastonbury – United Kingdom). Transylvania Open is the only WTA250 tour in Romania and one of the three most representative in CEE (next to Prague and Warsaw). Transylvania Film Festival, enduring for more than 21 years, is part of the International Federation of Film Producers Associations, an accredited international network of film festivals (including Cannes, Toronto, Venice, and Berlin). Electric Castle completes the list of successful ambitious cultural business stories.

Cluj-Napoca is a good example of public administration serving the needs of an evolving community. In partnership with the metro areas and county councils, the Cluj City Hall started the development process of increasing school capacity to reflect the growth in population and layout of the new city. Floresti, one of the largest suburban areas in Romania, secured non-refundable financing to increase school seats by 3,000. In Borhanci, the public administration is building a 100 million EUR educational hub with a nursery, kindergarten, I-XII school, sports facility, and Olympic swimming pool. This represents just half of the total investment in the educational infrastructure in Cluj-Napoca. These initiatives secure a bright future for the young generation and contribute to traffic decongestion.

All of these projects mentioned above are a vector for an increase in population, with a positive domino effect on real estate and business growth. Cluj will sustain new residential buildout, retail schemes, and office parks, as the city appeals to human capital due to its youthful vibe and resilient economy.

Other projects run by public administration with a clear purpose of improving the quality of life in Cluj are the 54 ha East Park, for which eminent domain procedures began this year; a 71 million EUR investment in the central heating system; and a 100 million EUR refurbishment of the Palace of Justice.

It is important to note that these initiatives are completed by the Avram Iancu Airport 80 million EUR completed investment in a new departures’ terminal. The buildout helps increase the yearly capacity to 4.5 million travellers. In 2023, the total flow of passengers was 3.24 million, 10 times more than a decade ago, reflecting the economic, cultural, and leisure powerhouse Cluj grew into.

The biggest private investment from Romania in an urban reconversion, the former Carbochim platform by Iulius, recently received the approval for Urban Zoning Plan.

Rivus represents a half of a billion EUR investment, with multiple functions, a green project, with a focus on culture, which gives back to the city a grey area, totally inaccessible to Cluj. It is a natural continuation of the experience gained by Iulius, in the last decade, through the development of major urban regeneration projects in the country’s major cities.

The concept is signed by the Dutch architecture office UNStudio, renowned for its work worldwide.

The project proposes the implementation of good international practices regarding the integration of industrial heritage elements in a real estate investment, by preserving some buildings that symbolize the identity of the place – the hall with arches and the administrative building are the buildings with environmental value for which this could be achieved, according to studies and expertise.

Cluj-based Eco Garden: Innovating in landscaping
Cluj-based Eco Garden: Innovating in landscaping 2560 1706 ROMANIA PROPERTY CLUB

Eco Garden Construct was founded 12 years ago, in the heart of Transylvania, in Cluj-Napoca, becoming one of the most important landscape services companies, with projects nationwide. The company integrates a holistic vision in landscaping, managing to build sustainable green spaces, in accordance with the needs of the communities it serves. Eco Garden Construct differentiates itself through creativity and the ability to implement innovative concepts. The company currently operates offices in Cluj-Napoca, Bucharest, London and Chisinau.

The company offers complete landscaping services: consultancy, space analysis, concept & design, detailed plan, implementation and maintenance. It has experience both in public projects (parks and stadiums) and in private projects: residential compounds, business parks, commercial buildings, etc. Eco Garden Construct is involved in every phase of the project: starting from the preparation of the space (cleaning the land, leveling & drainage), planting trees and flowers and installing irrigation & lighting systems, building paths, terraces, pergolas and up to the final elements and the initial maintenance of the landscaped space.

Eco Garden Construct has contributed to major urban development projects, such as: the lawn of the Cluj Arena stadium, major parks from Cluj and Sibiu such as Tineretului, Intre Lacuri, Feroviarilor, Amătura and Belvedere, the Elisabeta Palace – the residence of the Royal Romanian Family in Bucharest, Vectra Horse Club landscaping in Bucharest, Winners Sports Club Cluj-Napoca, Scala & Loft real estate projects in Cluj-Napoca and many others. The portfolio includes over 650 completed projects covering over 200 ha landscaped green spaces.

Transilvania Constructii Announces a New Warehouse in TRC Park Arad Starting with 2025
Transilvania Constructii Announces a New Warehouse in TRC Park Arad Starting with 2025 1920 1080 ROMANIA PROPERTY CLUB

In the spring of 2025, Transilvania Constructii will introduce a new modern Class A space to the market, located in TRC Park Arad, specifically designed to meet the high-performance and flexibility demands of the logistics and industrial sectors.

Warehouse A3 offers a total area of 4,710 sqm, divided into 4 modules ranging from 1,119 to 1,148 sqm, each including a dedicated 43 sqm office space.

Available for lease either in full or by individual modules, the space is ideal for companies seeking a cohesive and unified setup, with all operational components in a single location.

With direct access to Arad’s ring road and situated only 5 km from the city center, this modern facility is strategically positioned for businesses that require swift access to European markets.

For more details, please visit the link.

BRCC x RPC – REAL ESTATE CONFERENCE 2024
BRCC x RPC – REAL ESTATE CONFERENCE 2024 1920 1080 ROMANIA PROPERTY CLUB

The Romanian Diversity Chamber of Commerce (RDCC) and The British Romanian Chamber of Commerce (BRCC) are pleased to announce the Real Estate Conference 2024, set to take place on November 5th, 2024 at The Marmorosch Hotel in Bucharest.

This event will gather leading professionals, legal experts, and design innovators to explore the future of accessibility and inclusive design in the real estate sector. The conference is open to industry professionals, developers, architects, and anyone interested in the evolution of real estate towards a more inclusive future.

“The Real Estate Conference 2024 is a pivotal platform for fostering dialogue on the importance of accessible and inclusive design,” said Lestat Monroe, founder of the Romanian Diversity Chamber of Commerce. “As we look towards the future, it’s important that our real estate developments reflect the diverse needs of all community members. This conference will highlight the strategies, legal frameworks, and innovative designs necessary to create truly inclusive spaces.”

“This conference will serve as a key platform to explore new innovations shaping the real estate and construction industries, while also highlighting the critical importance of inclusivity. Attending the conference offers a great opportunity for industry professionals to come together, share expertise, and collaborate on building a more accessible and inclusive future.”, said Madalina Ciinaru – Head of British Romanian Chamber of Commerce, Bucharest Office

The key panel “Building the Future: Accessibility and Inclusive Design in Real Estate” will delve into the critical aspects of making real estate developments accessible for everyone.

More info about the event here: Innovating Real Estate and Construction: Trends and Inclusiveness | BRCC

Timisoara shopping spree
Timisoara shopping spree 2560 1707 ROMANIA PROPERTY CLUB

The modern retail stock in Timisoara remained stable in the past 12 months, given that the city has one of the highest retail densities nationwide and also reflecting investors’ and retailers’ trust in the long-term economic strength.

Prime rents for shopping center peaked at 55 EUR/ sq m, whereas retail parks rents ranged between 9 to 14 EUR/sq m, marking the city’s high cost for suitable development land.

Following the inauguration of Ikea from 2023 (first expansion outside Bucharest), in 2024 Primark enhanced the city’s attractiveness.

The retailer confirmed Timisoara’s robust and growing economy, by choosing the city as the second destination in Romania and executing a 10 million EUR investment. The tenant that generates high traffic due to its business model set grounds in one of the city’s most appealing shopping destinations – Iulius Town. An impressive mixed-use development, the town’s go-to destination in terms of enjoying modern amenities, Iulius Town represents a key meeting point in the city, due to the synergies generated by the compound. Thousands of white-collar workers are served 5 days a week through the 80,000 sqm office component and convention center, whereas, during the weekends locals enjoy the perks offered by outdoor meeting spaces created by Iulius Gardens. 102,000 sq m of shopping space, the second largest after Bucharest, responds to the needs of all residents and the nearby border population (Serbia, Hungary). In addition to the well-designed service point for the city, a clever asset management team keeps the community engaged through events such as the Street Food Festival, Leisure Sports Festival, racing, and influencer campaigns.

“For Iulius Town, this year was very good, both in terms of new retailers, but especially in terms of the two relevant parameters in the industry, sales and traffic, increasing compared to 2023. We are also happy that, together with the major inaugurations of this year, as was Primark, in August, with the first store outside Bucharest, and Lefties of the Inditex Group, which will open, this autumn, the second Digital Store in Romania, Iulius Town has become the only shopping center that includes all the major fashion anchors present on the market in our country.”

“In recent years, our major concern has been to generate as many experiences as possible for the millions of customers who choose us. Now, we can say that we have a complete shopping center: the largest number of HORECA units and the largest food court in Romania, the best mix of sports shops, the largest diversity of experience and edutainment destinations – park, playground, cinema, fitness center, kindergarten and primary school -, and a medical hub with ultra-specialized services,” said Cristina Brătuianu, Development & Operational Retail Leasing Specialist, IULIUS

Shopping City Timisoara, the other large retail scheme in town, is spanning over 70,000 sq m GLA. The project was designed around complementary shopping needs (brought along a Dedeman big-box) and serves a large catchment area on the west and south sides of the city.

Increased residential development in recent years has created new opportunities for proximity retail formats: 40,000 sqm are under construction with delivery dates up to the end of 2025.

RETAIL PARKS UNDER DEVELOPMENT
PROJECT GLA SURFACE – SQM ESTIMATED INAUGURATION DATE
Esquire Commercial Timisoara, Strip Mall -Calea Torontalului 4,200 Q4 2025
Calea Torontalului Retail Park 4,495 Q2 2025
Prima Shops Lugoj 12,000 Q3 2025
Retail Park Sanandrei 9,000 Q4 2025
Max Village Sacalaz 9,000 Q4 2025
Centrul Comercial Cetatii Timisoara 2,500 Q4 2024
TOTAL SURFACE UNDER DEVELOPMENT 41,195

Source: Hitch & Mosher

The increase in average wages, coupled with a lower housing cost than the other regional poles, leads to a more generous disposable income that powers the retail space.

Local office market registers slowdown
Local office market registers slowdown 720 480 ROMANIA PROPERTY CLUB

The office market in Timisoara registered a slower pace, in line with the regional office markets across Romania for the past few years.

The local modern stock amounts to approximately 300,000 sqm, with headline rents ranging between 13.5-15 EUR/sqm/month.

During H1 2024, the total market activity amounted to 5,000 sq m, half of last year’s total market activity. This is significantly lower than the traditional ~30,000 sqm / year leasing volume in Timisoara. While Cluj fared better during this particular year, with close to 30,000 sqm let, if we analyze the main office markets outside Bucharest (Cluj, Iasi, Timisoara, Brasov) for the past 3-4 years, we will notice an overall slowdown.

If in Bucharest the leasing pace is strong, even accounting for the downsizing and renegotiation trends. The regional cities had a different dynamic in the past three years. The reasons are multiple:

  • Switch in working patterns – hybrid/work from home allowed for employment across the country, with fewer reasons to secure regional hubs; that being said, companies still need a meeting and training point.
  • Recruitment challenges: while in some cities challenges are represented by strong competition among employers that would drive salaries up in margin-focused businesses (strong presence in Iasi and Timisoara), others are more fundamentals – meaning difficulty in recruiting for the right technical skills. Timisoara’s authorities’ efforts to improve student housing, lifestyle appeal to youth, and increase net wages are crucial to the economic future of the city.

“The first half of this year was challenging; the office market being influenced by the macro-level evolution of the economy. However, the IULIUS company has a solid portfolio of partners, which has grown organically, and fluctuations in our network of office buildings have been minimal, managing to maintain a 100% occupancy rate. Particularly for this year, requests came from the medical sector. “

“We have succeeded in consolidating a unique specialized medical hub in the Iulius Town mixed-use project. The integration of medical operators required compliance with specific requirements much more complex than those of an ordinary tenant, because we are talking about spaces that must meet certain rigors. We are extremely satisfied that we managed, together with our tenants, to integrate all requests and have, today, an extended range of such services”, said Laurențiu Manea, Office Buildings Manager, Iulius Town Timisoara

Benchmarked against Iasi, one of the meaningful regional office markets, with 0 Class A square meters left during the first six months of the year – Timisoara performed by accounting for 15% of the office demand outside the capital city. The vacancy rate for the local market was maintained at around 14.5%. Besides the office component from Iulius Town, another important development is AFI Park Timisoara, a legacy project owned by AFI Europe.

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