In the North-Western part of the country, Cluj-Napoca is one of the most important regional cities, gathering an impressive modern stock in terms of office, logistics and retail developments. With a county population of 740.020 inhabitants, out of which 325.179 are in Cluj – Napoca, the area is a magnet for investors from various domains. The value of the average month salary is 934 EUR, the unemployment rate standing at 2.1%.
According to CBRE, the office stock in Cluj-Napoca accounts for 353,300 sqm with prime rents at 15.50 EUR and a vacancy of 8%. The total leasing activity amounted to 2,700 sqm for the first semester of 2022, with the prime yield at 8.00%. The pipeline for 2022-2023 is estimated at 55,000 sqm. Cluj – Napoca is one of the most prestigious academic, cultural, industrial, and business centres in Romania. Among other relevant institutions, it hosts one of the largest universities in the country, the Babeş – Bolyai University.
The modern retail stock accounts for 157,600 sqm, while the retail stock density (SQM/1,000 Inhabitants) reached the level of 485. The dominant projects in the city are VIVO! with 61,000 sqm and Iulius Mall, with 57,000 sqm, part of Iulius Group. Iulius Group announced earlier in 2022 a large mixed-use scheme, on the former Carbochim platform. The project will comprise among numerous functions and facilities the largest retail area in the country (115,000 sqm). It also proposes to become a model of integrated approach to green spaces, connecting the urban garden spanning on 4-plus hectares with the adjacent parks and a complete reconfiguration of the road and pedestrian infrastructure.
In terms of logistics & industrial, Cluj-Napoca is part of the West/Northwest Region, an area which collects 21% of the total 5,9 million sqm national stock. The local modern logistics stock in Cluj-county is 423,000 sqm, with a vacancy rate of 6.1% and a prime rent of 4.10 EUR. Cluj is an important industrial hub, connecting Romania’s western borders with the center region, creating a great logistic pole.
CREDITS: IULIUS COMPANY / E.ON RECORD PARK / FORTIM STUDY