Contract renewals accounted for just 14% of the volume transacted, as the market was dominated by new contracts. Therefore, the vacancy rate keeps dropping, reaching 5.6% in capital Bucharest and 4.7% nationwide.
The total leased area remained solid in the third quarter of 2021, with 202,000 sqm transacted, higher than in the previous quarter when companies leased 160,000 sqm of spaces and comparable with 200,000 sqm transacted in the first quarter of 2021.
In the third quarter of 2021, real estate developers delivered new projects totaling over 130,000 sqm.
Overall, projects for 338,600 sqm were delivered in the first nine months of 2021 and buildings covering over 260,000 sqm are underway and due for completion until the end of 2021. New deliveries in 2021 are expected to exceed 600,000 sqm, close to the record level registered in 2020, creating premises for a good 2022 on this market segment.
CTP and WDP, dominant players on the local market, are already present in over ten cities and towns in Romania, while VGP, Globalworth and Element Industrial also aim to develop national platforms. New projects are expected to be built in capital Bucharest and in large regional cities, as well as in the towns of Roman, Turda, Dej, Calan and Buzau, considering that tenants’ expansion plans also target secondary and tertiary towns.