P3 Logistic Parks (“P3”) closed transactions for 78,000 sqm of office and logistics space in Romania in the first nine months of this year. Of the total transactions, 34 percent are new long-term contracts (26,533 sqm) and two-thirds are short-term contracts or extensions of existing contracts (51,505 sqm).
Among the projects that the developer has been working on locally during this period is the completion of the accommodation spaces in Bucharest A1 Park, which completes the series of additional facilities in the park. Also, as part of the development strategy in Romania, P3 inaugurates a new business segment, urban logistics. This year, P3 acquired a plot of land of about 4 hectares in the eastern part of Bucharest, inside the ring road, where it intends to develop a warehouse of 18,000 sqm.
Sînziana Pardhan, Managing Director P3 in Romania, says: “We can say that so far, 2022 has been a very good year in terms of market dynamics. The logistics companies continue to have the largest share in our discussions with customers, followed by retailers and distributors. Although we didn’t see a negative impact on the volume of transactions, we do see concerns from our customers about the coming year, given the impact of general price increases on purchasing power. Given the rising cost of utilities, we will continue to prioritize investment in energy efficiency and sustainability measures across our portfolio, after receiving the BREEAM-In-Use Very Good standard for all existing logistics buildings within P3 Bucharest A1 last year.”