Outlooks are still encouraging for the local industrial and logistic sector. While Romania has a similar consumption level with that of Poland or Czechia, the stock of warehouses per capita is 2-3 times smaller than in these countries. This means both demand and expansion should remain consistent in the future.
Last year, leasing contracts were signed for around 830,000 square meters, significantly up from the 675,000 square meters of 2021, taking into account only publicly available information.
Half of overall deliveries were made near Bucharest and as regards active developers, the most important are still CTP, WDP, Global Vision, VGP.
Bucharest dropped further in terms of the total weight of leasing, to around 48% of the total, from around 63% in 2021, with Colliers consultants explaining this is mainly the result of major deals sealed outside the capital city, but also of the fact that newer and less consolidated submarkets are expanding.
Vacancy rates are still in the single digits and are relatively low in some submarkets, such as Bucharest or Cluj-Napoca. Meanwhile, rents are still under pressure because of the inflationary context and the rising construction costs.
Overall, 2023 seems to be a stable, but challenging year amid rising interest rates. Irrespective of how it will end, Colliers consultants are still upbeat about the long-term evolution of Romania’s I&L market, which should reach 10 million square meters of modern leasable warehouses by the end of this decade.
(English version by Catalina Apostoiu)