Property consultancy 108 Real Estate has announced its expansion in Romania, where it will focus on the industrial segment.
The Romanian branch of the company will be led by Victor Răchită as Managing Partner. He has 23 years’ worth of experience in the real estate market.
"The Romanian market offers numerous growth opportunities in terms of the supply of new, modern logistics and production spaces," said Răchită.. "In the last three to four years, demand has significantly outpaced the completion of new spaces."
According to the agency, the annual net realized demand hovers around 1 million sqm, and vacancy rates dropped below 5% last year. However, prime rents have increased around major cities such as Bucharest, Cluj, Timișoara, the port of Constanța, and the popular city of Brașov, exceeding €4.5/sqm/month.
Furthermore, Romania's current capacity of modern industrial space is over 7 million sqm, while the Czech Republic has over 12 million sqm.
