Around 650,000 sqm of industrial and logistics spaces are under development in Romania, which once completed will be added to the stock of 6.3 million sqm that was operational at the end of 2022, according to a Colliers report.
New demand for offices in Bucharest fell by almost half in the first quarter of 2023 compared to the same period of last year, while total demand also declined by about 25%, according to data from real estate consultancy Colliers.
Romania’s industrial and logistics market expanded by over 500,000 sqm during 2022, with around half of all deliveries based in the Bucharest region, according to a report by real estate consultancy Colliers.
While around 100,000 sqm of new office space is expected in Bucharest this year, no new project is slated for delivery in 2024 which would move the city into a landlord’s office market, according to Colliers.
Around 130,000 sqm of new modern offices could be delivered this year, with a total of roughly 360,000 sqm possible for the 2022-2024 period, though the 2024 calendar could be postponed, according to real estate consultancy Colliers.
Romania’s modern industrial and logistics facilities stock reached 5.6 million sqm at the end of 2021, which represents the third largest industrial and logistics market among 15 of the biggest economies in Central and Eastern Europe (CEE).
The annualized rate of new demand for offices in Bucharest is comparable to the value recorded in 2019, even though it is about a third below the record volume of 2017, according to research by real estate consultancy Colliers.
The vacancy rate in Bucharest’s office market remained flat at 16.5% in the first quarter of 2022, similar to last year, although there is a growing gap between Class A projects and older buildings in areas with lower demand, according to real estate consultancy Colliers.
A new Carrefour Express spanning 306 sqm has opened in Bucharest-based One Cotroceni Park. The retailer complements the diverse range of commercial services available in the mixed-use scheme developed by One United Properties.
Echo Investment has signed lease agreements covering a total of almost 3.5 thousand sqm of space in Katowice's Face2Face Business Campus. The largest contract covered a space of 1.35 thousand sqm, which will be occupied by a Medicover clinic for the next few years.
GreenWay, a provider of electromobility solutions in Central and Eastern Europe, is to join the ranks of tenats of Łużycka Plus. The company has just moved in to a 1,850 sqm office. The building is now fully leased.
New appointments
Amarilla Cseke has been promoted to the role of Leasing and asset Director at Skanska's commercial development business unit in Hungary. She is responsible for the creation of the company’s leasing strategy of office and retail spaces and asset management, as well as for the cooperation with tenants and leasing business partners.
Anna Vondrackova has joined the team of REassurance company as Senior Transaction Advisor in Prague. She has a solid background as a real estate lawyer and brings strong legal knowledge.
In September, Michal Berski took up the position of head of the warehouse sector at CBRE Poland. He has been with the company for over 10 years. In his new role, he manages strategy and the development of all business lines within the warehouse and industrial sector.
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