The Romanian industrial and logistics market recorded a total demand of 562,000 sqm in the first three quarters of 2021, down only 3% compared to the same period of last year. The sector was mainly driven by new demand, which reached 86% of the total transacted volume, according to real estate consultancy Cushman & Wakefield Echinox.
In Q3 total leasing activity covered 202,000 sqm, compared to 160,000 sqm in Q2 and 200,000 sqm in Q1.
Renewals accounted for only 14% of the transacted volume, thus the vacancy rate in Bucharest continued to decrease, reaching 5.6%, with an overall level of 4.7% across Romania.
Bucharest remains the core market with 65% of the Q1-Q3 transacted volume, while Timișoara, Brașov and Cluj have been the most active regional markets.
In total, the new supply reached 338,600 sqm in the first 9 months of the year, while another 260,000 sqm are slated for delivery by the end of 2021.
Rodica Târcavu, Partner Industrial Agency Cushman & Wakefield Echinox, said: “Encouraged by the positive evolution of both consumption and industrial production, developers are determined to extend their portfolios through new land or asset acquisitions. Their optimism has been backed by the strong demand recorded during the last 18 months, which materialized in a volume of over 1.5 million sqm industrial and logistics spaces being leased in this period.”
The most significant deliveries were LPP’s 22,000 sqm expansion of their distribution centre within WDP Park Stefanesti and CTP’s completion of the second phase of CTPark Bucharest North. Meanwhile, in Q3, the biggest deal was the 12,000 sqm pre-lease of Rohlik in CTPark Bucharest North.
