* Ploiesti registers biggest share of demand – 35 pc * Bucharest, Cluj and Timisoara attractive for speculative projects * Modern stock of logistical and industrial spaces stood at 1.9 million sq. metres at end of H1
The developers of logistical and industrial spaces have delivered 75,000 square meters of new spaces in the first half of this year and the demand has grown by 40 per cent, according to the most recent report authored by the DTZ Echinox real-estate consultancy company.
The deliveries of new logistical spaces on the Romanian market consisted mainly of built-to-suit projects, and compared to the first half of last year the demand has grown by 40 per cent. Ploiesti was the city that attracted most of this new demand: 35 per cent.
The demand came from industrial companies active mainly in the auto industry, followed by logistical and distribution companies.
The modern stock of logistical and industrial spaces in Romania stood at 1.9 million square meters at the end of the first half this year, with approximately 50 per cent of these spaces being located in Bucharest (955,000 square meters), followed by Timisoara (12 per cent), Ploiesti (10 per cent), Brasov and Cluj (7 per cent each).
The deliveries of new spaces followed an upward trend, consisting mainly of build-to-suit projects. Over 75,000 square meters of industrial and logistical spaces were delivered in the first half of the year, 70 per cent of them being finalized in Timisoara. Overall, Romania’s western region was the most active on the new deliveries segment: Timisoara – 52,000 square meters, Cluj – 14,000 square meters, Oradea – 4,000 square meters.
The pre-lease transactions include Eni Snamprojetti (13,000 square meters in Ploiesti West Park), Federal Mogul (13,000 square meters in WDP Aricesti) and Preh (13,000 square meters in Industrial Park Brasov).
“Built-to-suit projects have been and will continue to be the main engine of the development of the modern stock of industrial and logistical spaces. Nevertheless, 2015 represents the start of speculative projects. Approximately 30 per cent of the spaces delivered in 2015 are built speculatively, the cities that attract such investments being Bucharest, followed by Cluj and Timisoara,” DTZ Echinox Head of Research Mihaela Galatanu stated.
The general vacancy rate of logistical spaces has remained stable at 7 per cent at national level since the start of the year. Rents for Class A units with a surface of at least 5,000 square meters range from EUR 3.6 to EUR 3.9 per square meter per month. 130,000 square meters of industrial and logistical space are scheduled for delivery by the end of the year. In fact, this year the volume of new deliveries will be the highest in the last seven years.