The total stock of industrial and logistics spaces gained close to 200,000 sqm in the first half of this year to more than 5.4 million sqm and the sector will continue to expand by the end of 2021, according to data from real estate consultancy Avison Young.
Some 450,000 sqm of new spaces will be delivered in the second half of 2021, with the market continuing a growth streak recorded in the past two years.
“The developers appear to continue to secure plots of land for development,” says Iuliana Bușcă, Head of Industrial Agency at Avison Young.
Less than half of new deliveries were recorded in Bucharest, as developers are exploring new locations in secondary and tertiary cities.
The volume of leased spaces amounted to around 350,000 sqm in the first half of this year, up slightly compared to the same period of last year.
“Generally, there is an appetite for expansion coming from existing tenant companies, as well as international companies, especially eCommerce, looking to enter the Romanian market and establish regional distribution centres locally,” added Laurențiu Duică, Senior Vice President at Avison Young.
Vacancy rates for industrial projects stand at 6% across the country, while in Bucharest it stands at 7.1%.
Meanwhile, the occupancy costs should remain stable, as the context generated by the construction materials crisis counterbalances the downward pressure on rents, according to Avison Young consultants.
