542,000 sqm of industrial and logistics spaces were leased in H1 2022, a 50 percent increase compared with the same period of 2021, according to data from the Cushman & Wakefield Echinox. The volume transacted in Q2 was approximately 240,000 sqm, which was added to the Q1 take-up of more than 300,000 sqm.
A net take-up of 86 percent was recorded in H1, while the remaining 14 percent consisted of contract renewals and renegotiations. Bucharest attracted over 54 percent of the transactional volume, while an important leasing activity was also noticed in Ploieşti (16 percent), Timișoara (6 percent) and Cluj (3 percent). The largest transaction closed in Q2 2022 pertained to the 53,000 sqm expansion (37,000 sqm) and renegotiation (16,000 sqm) of the Modivo / epantofi.ro space within WDP Park Stefanesti.
Demand was driven by various sectors, such as retail and e-commerce (28 percent), along with logistics and distribution (11 percent market share) and automotive (5 percent) companies were the most active in Q2 2022.
The development activity slowed down a bit in Q2, with a total of 96,000 sqm being delivered, with the H1 new supply volume reaching 296,000 sqm. The most important deliveries were represented by the new 35,000 sqm A&D Pharma warehouse within CTPark Mogoșoaia, along with a new 19,000 sqm phase of the Timișoara Industrial Park delivered by Globalworth – Global Vision.
The stock of modern industrial and logistics spaces in Romania exceeded 5.9 million sqm and it will break the 6 million sqm threshold by the end of the year given the developers’ current plans. Around 3 million sqm of such spaces can be found in projects located around Bucharest, while Timișoara (583,000 sqm), Cluj-Napoca (412,000 sqm) and Ploiesti (370,000 sqm) represent the main regional logistics hubs.
Andrei Brînzea, Partner, Land & Industrial Agency, Cushman & Wakefield Echinox, commented: “The industrial and logistics market continues to have a balanced evolution in terms of supply and demand, as we witnessed a national vacancy rate decrease below 4 percent, the lowest level recorded during the last five quarters. The second half of the year is marked by inflationary pressures and also by the increase in construction costs, but the market should still be able to reach at least the 2021 levels in terms of demand.”
New projects totalling almost 600,000 sqm are currently under construction in Romania, as Bucharest remains the most active market, with a pipeline of over 300,000 sqm, developers also being active in Oradea, Cluj or Timișoara.
