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.
