Logistics space leasing deals increase in Romania in H1 2021

Some 360,000 sqm of logistics and industrial spaces were leased in Romania in the first half of 2021, a 21% increase compared with the similar period of last year, according to real estate consultancy company Cushman & Wakefield Echinox.

The transactions totalled 160,000 sqm in the second quarter, slightly lower than in the first quarter (200,000 sqm).

Demand was primarily driven by new leases and relocation projects, as contract renewals represented only 16% of the transactional volume in the first half.

Bucharest stood for almost 63% of the leased volume. Sibiu (7% share), Timisoara, and Pitesti (6% each) were other important logistics hubs.

Developers accelerated the pace of construction in the second quarter and inaugurated 177,400 sqm of new logistics and industrial spaces.

Rodica Tarcavu, Partner, Industrial Agency, Cushman & Wakefield Echinox, commented: “The logistics and industrial market continued its evolution in the first part of this year, as we could witness a good balance between supply and demand both in Bucharest and other representative cities. Most developers are active, having ongoing projects, and the companies coming mainly from online retail, distribution and logistics sectors are consolidating their volumes, in an economic context in which the population maintains a high appetite for consumption.”

Currently, developers have new spaces with a total area of over 630,000 sqm under construction in Romania.

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