Muler Onofrei, the former CEO of Element Industrial, joins CBRE Romania in the position of Business Development Director. Muler will focus on the industrial sector, where he has gained extensive experience, previously working for international investors such as ProLogis and Panattoni and laying the foundations of local developer Element Industrial.
"The industrial space market in Romania is probably experiencing the best period in the last 20 years, both in terms of total leasing activity - almost 1 million sqm in 2020, and in new developments and land acquisitions, currently underway. This dynamic and the desire for active involvement convinced me to return to real estate consultancy, where my assistance can have an impact on the entire market", says Muler Onofrei, Business Development Director CBRE Romania.
The industrial spaces stock in Romania exceeded the threshold of 5 million sqm in 2020, reaching 5.1 million sqm after 574,000 sqm were delivered last year, according to CBRE data, about half of the stock being owned by three property owners, CTP, WDP and P3. Although the range of investors has broadened in recent years, including through the development of local players, such as Element Industrial, co-founded by Muler Onofrei, Global Vision or Transilvania Constructii, presently, local investors hold only 5% of the total existing stock.
In the next 5 years, CBRE data indicate an increase in the stock of industrial spaces by over 50%, up to 8 million sqm, currently, the developers having almost 400,000 sqm of industrial spaces under construction.
