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Insights | PROPERTY TIMES ROMANIA INDUSTRIAL 2014
PROPERTY TIMES ROMANIA INDUSTRIAL 2014
- Romania’s total stock of modern industrial and logistics spaces at the end of 2014 continues to be of 1.8 million sq. m. Bucharest accounts for 53%, with 950,000 sq. m. New supply was minimum and was recorded mostly outside Bucharest. For this year, we expect the delivery of ~ 220,000 sq. m, which will boost the stock of modern industrial spaces by 12%.
- Last year a record level of take-up was registered, with 209,000 sq. m transacted. Compared with 2013, take-up figure has increased by 37%, being also the highest in the last five years. Another 97,000 sq. m of industrial and logistics spaces were subject to renegotiation and renewal. The most active companies were from automotive sector, followed by logistics & distribution, retail and manufacturing & industry
- Having no major deliveries recorded last year, the general vacancy rate has been on a downward trend. At the end of 2014, the vacancy rate for industrial and logistics spaces in Romania is of 7%. In Bucharest, the vacancy rate has followed the same trend and currently stands below 8%, while outside Bucharest the vacancy rate is of 5%.
- There were no major changes regarding the rental level during 2014. Prime headline rents for modern logistics warehouses are situated between € 3.6 –3.9 /sq. m/ month. The net effective rental level continues to be lower by 10 –20%
