In the second quarter of 2017, the total demand for industrial space reached 180,000 sqm, comparable with the level registered in the first three months of 2017. New demand rose 51% in the first half of 2017, to 229,800 sqm, and accounted for nearly 65% of the total surface area traded during this period.
”The demand on the industrial and logistics market exceeded our estimations, because leases in the first half of 2017 exceeded the level forecasted for the whole 2017. Thus, if the growth rate is kept, we might witness a new record demand, considering that companies leased nearly 460,000 sqm in 2016, a record high,” said Costin Banica, associate director, head of Industrial Agency JLL Romania.
In terms of new supply, three projects totalling 72,000 sqm have been delivered in Romania since the beginning of 2017, and another 312,000 sqm are due to be completed by the end of 2017, JLL Romania said in a statement.
The new demand for industrial space exceeded more than three times the new supply on the market, which keeps the vacancy rate at an extremely low level, considering that new deliveries are already occupied by tenants. The modern stock of industrial and logistics space reaches 2.7 million sqm.