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June 26, 2022
BUSINESS BUSINESS COMPANIES ECONOMY Real Estate

SVN Romania : Available office space in Cluj – Napoca drops dramatically

  • A Class office space due to be delivered in 2021 in Cluj – Napoca will decrease by 85% compared to last year. At the same time, only 5,000 square meters of office spaces are under construction at this moment in the city, with delivery set for 2023
  • Vacancy rate for A Class office spaces in Cluj – Napoca dropped to less than 2%, compared to 5% in 2020 and 6.3% in 2019
  • Headline rents for prime office locations in Cluj – Napoca remained at the same level during the last two years, at a monthly value of 13 – 16.5 € / sq.m.

 

The total A Class office space due to be delivered this year in Cluj – Napoca will decrease by 85% compared to last year, which led to a drastic reduction in available office space for rent.

Thus, approximately 3.200 square meters of modern office space were delivered this year in Cluj – Napoca, compared to 20.500 square meters delivered in 2020 in the city, according to a market report released by real estate consultant SVN Romania | Cluj.

In this context, the vacancy on the A Class segment dropped to less than 2%, compared to 5% last year and 6.3% in 2019. Only 5,000 square meters of office space are at this moment under construction in the city, with delivery set for 2023. Additional, the structure of a 7,000 square meters office building is completed and could be delivered next year but depending on several parameters.

”The vacancy rate on the office market in Cluj – Napoca is very low and we do not have a generous pipeline. A company that wants today an office of 1,000 square meters will find it very difficult identify a available space. The absence of a satisfactory short – term offer can cause new entrants in Romania to choose other cities, as competition between regional centres is fierce. At the same time, the total take-up decreased significantly in 2021, with no large-scale deals signed this year”, stated Cristian Simon (photo), Head of Commercial Office SVN Romania | Cluj.

The significant decrease of vacancy rate to the lowest level in recent years maintained the headline level of rents for prime office locations in Cluj – Napoca at EUR 13 – 16.5 / square meter / month.

Cluj – Napoca is the second office market in Romania, with a A Class office stock of 298.000 square meters and a total office stock, including the B Class segment, of 353.700 square meters.

SVN Romania is one of the biggest real estate consultants active in Romania, operating also two regional offices in Brasov and Cluj – Napoca. The company is the leader of the residential segment and one of the main players active on the commercial and property management segments.

SVN International Corp. has over 200 offices in eight countries and regions, with 1,600 consultants, brokers and administrative staff.

 

 

 

 

 

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