Iasi attracts EUR 1.2 bn public and EUR 500m private investment
Major public investment in infrastructure projects of EUR 1.2 billion along with EUR 500 million in private real estate projects is turning Iasi into one of the most important cities on Romania's investment map. From the private sector, the IULIUS group alone completed a EUR 120 million investment in the Palas Campus office project this year, and the list is completed by other projects.
Impact Developer & Contractor, a developer with a national presence, obtained this year the building permit for the Greenfield Copou project, with an estimated market value of more than EUR 175 million.
The modern office stock is 260,000 sqm, with a rent level between 12-15 Euro/sqm, while the vacancy rate is in the single digit range. As for the retail sector, projects totalling 20,000 sqm are under development, to be added to the 170,000 sqm stock. Proof of the area's high potential is Ikea's announcement to open a new store in Iasi, the third city after Bucharest and Timisoara.