The total leasing activity in the first half of 2022 is 38% higher than the level recorded in the year-earlier period.
With 483,000 sqm in January-June 2022, the total leasing activity is over fivefold higher than the surface area transacted in the same period of 2018 and three times higher than the level recorded in the first half of 2019. As compared to the record year 2020, when almost 1 million sqm were leased, the total leasing activity in the first six months of 2022 accounts for 52% of the total spaces leased in 2020.
The vacancy rate in the industrial and logistics sector stays on a downward trend, averaging 3.1% across Romania and 2.8% in capital Bucharest.
As the industrial and logistics segment keeps growing, an additional 500,000 sqm will be added to the current stock until the end of 2023. 87% of the new surface area will be located in Bucharest and the West/North-West region, and the remaining 13%, to be added to the modern stock, will be located in the Center, South and East/North-East regions.
An additional 1 million sqm are scheduled to be delivered in Romania, an area that could host constructions of various sizes with the possibility of expansion.
At the same time, the total stock of modern retail space neared 4.03 million sqm in the first half of 2022, following the delivery of 36,500 sqm for four different retail projects across Romania. Over half of the new surface area is represented by three retail parks located in small towns in the vicinity of the main regional cities such as Iasi, Timisoara and Craiova. The remaining 45% represents shopping centers.
Bucharest holds the biggest share in Romania’s modern retail stock, with 30%.
Upon the delivery of 16,500 sqm in the first half of 2022, Bucharest hosts some 1.2 million sqm, according to the CBRE report. At the same time, 64% of the total retail stock in Bucharest is covered by shopping centers (780,000 sqm) and 36% retail parks (420,000 sqm).
Depending on the format, shopping centers dominate the market, accounting for 63% of the total retail stock in Romania, while retail parks make up 37% of the total surface area. The format of retail parks has increased as a share in the space stock, mainly in the last two years and shopping centers attracted new brands, which shows a growing interest in business expansion on the Romanian market.