The office market in Cluj-Napoca is the second largest in Romania following the one in Bucharest and there are eight office buildings with a total leasable area of 130,000 sqm under development that will be completed by 2025, according to real estate consultancy Fortim Trusted Advisors, part of BNP Paribas Real Estate Alliance.
At present, the office stock in Cluj-Napoca covers 260,0317 sqm and by the end of the year a new office building spanning 12,191 sqm will be delivered.
“The city is attractive to investors in both the commercial - office and retail - and residential sectors. Office buildings are a good investment option, as they provide a high yield of 7.75-8% and the demand for office space is constant because the city is considered Romania's Silicon Valley, the most important regional hub for IT&C and support companies,” said Nicolae Ciobanu, Managing Partner-Head of Advisory at Fortim Trusted Advisors.
On the local market, the non-occupancy rate of offices stands at 8.9% as most office developments are started only after the investors secure an anchor tenant. The available stock for lease is focused mainly on office surfaces under 1,000 sqm.
