CBRE: Strong demand compresses vacancy rates in the Romanian logistics market
Some 483,000 square meters (sqm) of logistics spaces were leased in Romania in the first half of 2022, 38% more than in the same period last year, according to the Romania Market Outlook 2022 mid-year report, launched by real estate consultancy firm CBRE Romania.
Strong demand has further compressed the vacancy rates to a 3.1% country-wide average and 2.8% in Bucharest. The total leasing activity during H1 is more than five times higher than the amount transacted in the first semester of 2018 and three times higher compared with the first half of 2019.
By region, 60% of the total leases were signed in Bucharest, followed by the Southern region (22%), West/North-West (16%), and the Central part of the country (3%). The total industrial and logistics stock in Romania exceeded 6 mln sqm at the end of the first half of 2022, as a new supply of 373,000 sqm was added to stock.
Another 500,000 sqm will be added to the current stock by the end of 2023. 87% of the future new supply will be absorbed by Bucharest and West / North-West region, and the remaining 13% will be added to the Central, South and East / North-East modern stock.
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