“The growth potential is very large because one can deliver from there towards the north, being close both to A1 highway and towards A2 and A3 highways. Hundreds of thousands of square meters of warehouses can be built in Chitila area (…),” said Muler Onofrei, managing Partner Element Industrial.
Element Industrial, a real estate developer focused on logistics projects and founded by businessman Ionut Dumitrescu and Muler Onofrei, has recently entered the market. Its first project is Eli Park 1, a EUR25 million investment in Chitila.
For instance, still in Chitila, Daimler AG will invest EUR20 million in a logistics center that will serve Southeast Europe, according to market data. Global Vision, a real estate developer held by Sorin Preda, bought a land plot of 140,000 square meters in Chitila area where it will develop a logistics project.
Moreover, the northern part of Bucharest could become the next logistics hub, especially for players in the e-commerce sector, according to analysts of real estate consulting firm Colliers International, who expect deliveries of over 180,000 sqm of logistics and industrial space in this area in 2019.
In 2018, deliveries of modern industrial space saw a nearly 40% increase, exceeding the record volume reached in 2017, of approximately 0.5 million sqm.