After a volume of 200,000 sqm transacted in the first three months of 2021, real estate developers concluded transactions for spaces covering 160,000 sqm, in the second quarter of 2021. Overall, between January and June 2021, contract renewals accounted for 16% of the volume transacted, therefore, demand was driven mostly by new contracts and relocation projects.
Of the total volume transacted, capital Bucharest attracted nearly 63%, with intense activity being also observed in Sibiu (7% of the volume transacted), Timisoara and Pitesti (each with 6%).
The expansion of the Altex warehouse within the P3 Bucharest A1 project or the lease by A&D Pharma of a 9,000-sqm meter warehouse within CTPark Sibiu were some of the most significant transactions concluded between April and June 2021 (the second quarter of 2021).
“The logistics and industrial space market continued its evolution in the first half of 2021 too, noticing a good balance between demand and supply both in Bucharest and in Romania’s large cities. Most developers are active, with projects under development, and the companies operating mostly in the online retail, distribution and logistics sectors are consolidating their volumes, in an economic context in which the population keeps its increased appetite for consumption”, said Rodica Târcavu, Partner, Industrial Agency, within Cushman & Wakefield Echinox.
Real estate developers currently have new spaces under construction, which cover a combined area of over 630,000 sqm. Bucharest remains the most active market, with projects worth over 400,000 sqm under construction. Thus, the modern stock of logistics space around Bucharest nears the threshold of 3 million sqm.