CBRE: Romania’s industrial space market to face “formidable” year
This year has all the prerequisites to be a formidable year for the industrial space market in Romania, after 2020 proved to be a record year with over 930,000 sqm traded, according to a report released on March 25 by the real estate consultancy firm CBRE.
After the stock of industrial spaces in Romania increased by over 570,000 sqm (to over 5 mln sqm) in 2020, the development activity continues to be alert this year, driven by the countrywide vacancy rate of only 8%, the report shows. Approximately 400,000 sqm of industrial spaces are currently under construction at the national level, an area of over 60% being already pre-leased, according to CBRE Research data.
With an existing stock of 2.3 mln sqm, Bucharest and its surroundings attract the largest volume of new developments: - over 140,000 sqm worth of industrial spaces are under construction.
The western region of the country, including Timisoara, Arad, and Cluj-Napoca, is the second biggest industrial submarket with a stock of 1.2 million sqm. In this area, the developers have approximately 130,000 sqm under construction, of which over 100,000 sqm are in Timis county.
Another dynamic region in terms of new projects is central Romania, which includes cities such as Deva, Sibiu, Targu-Mures, and Brasov, where the stock of spaces measures about 670,000 sqm and will increase by 10% this year alone.
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