People of Cushman & Wakefield Echinox
In Q3 2023, the total leasing activity in Romania slowed down compared with the previous quarter, with the gross take-up totaling around 169,000 sq. m, corresponding to a 20% q-o-q decrease, while Bucharest saw a sharper decline of 26%. As result, the YTD transactional volume was of 716,000 sq. m, resulting in a 22% y-o-y drop. The new demand continues to be the main driver of the leasing market, with a share of over 70% out of the gross take-up registered in Q3 2023 and also in first 9 months of 2023.
The largest transaction closed in Q3 pertained to a 22,200 sq. m renewal signed by Gebruder Weiss within P3 Bucharest A1, followed by a 20,700 sq. m new lease contract signed by SFC Solutions Automotive Romania (WDP acquired the industrial park operated by the automotive company in Mioveni in a sale and lease back transaction) and by a pre-lease of 12,500 sq. m concluded by Huennebeck within ELI Park Ploiesti.
