The leasing of industrial and logistics spaces in Romania hit a record of 1 million sqm during 2021, with net take-up accounting for 80% of all traded volumes, according to real estate consultancy Cushman & Wakefield Echinox.
Demand for industrial and logistics spaces reached a record level of 441,000 sqm, which represents 44% of the entire volume of 2021. Take-up was mainly generated by companies active in the distribution and logistics sectors, and alsoby retail, FMCG, e-commerce operators, these companies being responsible for 50% of the traded volume.
Other active sectors were the automotive, manufacturing, pharma, or courier industries, with almost 200,000 sqm rented.
“We are pleased to observe that a large of number of transactions (over 30) with an area of more than 10,000 sqm have been closed, which gives us confidence that the logistics and industrial market in the country will continue on this impressive development trend. Romania is perceived as an attractive destination for international companies as a result of its geographical connections with the Central and Eastern Europe, the Balkans and the Middle East, and also in terms of the workforce quality and availability and the overall wage level,” said Rodica Târcavu, Partner Industrial Agency, Cushman & Wakefield Echinox.
Bucharest generated 67% of the leasing activity, while Timișoara, Brașov and Oradea have been the most dynamic regional markets.
Meanwhile, deliveries of new spaces were down 18% year-on-year to 530,000 sqm. The vacancy rate fell to 4.2% in Bucharest and 3.5% across Romania.
The industrial stock in Romania is set to overpass the 6 million sqm threshold this year, according to market estimates.
