Investments in office buildings continue to be on top of real estate developers’ preferences, followed by retail, logistic and industrial projects.
The record deliveries scheduled for next year on all market segments show the investors are confident again in the potential of profit in Romania, backed by confidence from final consumers and companies, JLL said in a statement.
Nevertheless, the intensification of real estate projects on certain segments will trigger the increase of vacancy rate and will add higher pressure on rents.
The most important office space projects to be delivered next year are Bucharest One – 50,000 sqm (developed by Globalworth), HBC 2&3 – 45,700 sqm (developed by Atenor) and Oregon Park – 45,000 sqm (Portland Trust).
On the retail market, the projects to be delivered next year total 237,000 sqm, leading to a 10% increase of the current stock, estimated at 2.8 million sqm. Most of the projects are new projects – 85%, while Bucharest will account for over half of these investments – 125,000 sqm.
The biggest project to be delivered next year on the retail market will be Park Lake Plaza Bucharest – 67.000 sqm (Sonae Sierra/Caellum Development), Shopping City Timisoara – 55.700 sqm (NEPI) and Piatra Neamt Shopping City – 29.000 sqm (NEPI).
By the end of the year, 15,000 sqm of logistic and industrial projects are scheduled to be finalized, so that the total stock of modern spaces will reach approximately 2 million sqm, while around 195,000 sqm of spaces will be delivered in 2016.
Next year’s largest industrial and logistic projects are P3 Logistic Park Bucharest – 81.000 sqm (P3), Log Center Mogosoaia – 40.000 sqm (Immofinanz) and Tetarom 3 Cluj – 36.000 sqm (Tetarom).