A3 will be the first ‘urban’ highway in Romania and will extend into the city from the Bucharest Beltway to Popasului Street in Pipera, continuing with another three-kilometer segment into the Petricani Street and then via Fabrica de Glucoza towards Barbu Vacarescu and Calea Floreasca, where most corporate employees work. There are more than 300,000 people working in the area.
“Bucharest’s North is a very interesting area, and it’s got activity around A3 and we are looking at the opportunities there,” Blake Horsley said.
That is where the next hot spot of Bucharest is, especially for e-commerce and it is a new way to get goods to certain areas of the city fast. The area will develop fast in terms of e-commerce and P3 will buy land there some time this year, he added.
In all, logistics developers announced they would complete about 400,000 square meters of space in 2017, after having put 340,000 square meters on the market last year, according to real estate consultant JLL. The almost 1 million square meters of storage space in Bucharest is already not enough to meet demand.
The logistics space in Bucharest is almost fully rented. Market and demand in the city have significant growth potential. There is potential for at least one million, one million and half square meters of space in the next six or seven years in Bucharest, double the current level, the P3 official says.
Retail is a growth driver because the Romanian market still has a low level of modern retail per capita compared with the neighboring countries.
P3 started construction of a new warehouse in the P3 Bucharest park this week. The 13,900 square meter logistics facility will also include 400 square meters of office space. P3 is already in advanced talks with a potential client interested to rent the whole building.
(English version by Loredana Fratila-Cristescu)