Romania's industrial market continued to perform impressively in Q3 2022, with gross demand reaching a record high of around 408,700 sqm, from 188,400 sqm in Q2 and 129,000 sqm in the same period of last year, according to real estate consultancy JLL Romania.
In the first nine months of the year, gross demand was up 68% compared to the same period in 2021, reaching 881,400 sqm.
A quarter of the total leased space in Q3 targeted tenants in the retail sector, while logistics ranked second with 14% of the total.
"The volumes registered on the modern industrial space rental market are not surprising and the development of the last quarter is in line with our expectations for 2023. Interest from companies in the retail, logistics and manufacturing sectors remains at a significant level going forward," said Mihai Escu, Senior Industrial Consultant at JLL Romania.
In Q3, 282,100 sqm of spaces were delivered, a threefold increase compared to the previous quarter, bringing the modern industrial stock in Romania to a total of 6.3 million sqm leasable. As a result of the high number of deliveries in Q3, national vacancy rates increased from 2.6% to 4%, according to JLL Romania data.
