In the first quarter of this year, 264,000 sqm of industrial spaces were leased on the Romanian market, according to the report launched by CBRE. The leased volume increased by 43% compared with the same period last year, considering that 2020 was a record year for the industrial market.
“The industrial market has had a promising start this year. We notice a high activity both in terms of leased spaces, companies in the automotive and retail industries generating the highest demand, respectively over 50% of the leased volume, and in the segment of new projects development, especially in regional cities. Therefore, 2021 has all the prerequisites to become a new record year for the industrial market”, stated Razvan Iorgu, Managing Director, CBRE Romania.
The largest deal concluded in the first three months belongs to the automotive producer Dacia, which decided to renew its contract for the space of 68,000 sqm, owned by Globalworth investment fund in Argeș county.
More than half the volume of the industrial space leased was concluded in Bucharest, while the other regions of the country attracted the remaining 48% of the lease transactions. The south-eastern part of Romania was the most dynamic region outside the capital city, with 64% of the total transactions, according to CBRE Research data.
In the first quarter of the year, 61,000 sqm were added to the existing stock of 5.16 million sq m of industrial space, most of it being built in the western and north-western regions of the country. By the end of the year, another 600,000 sqm are expected to be delivered, according to CBRE data. Industrial rents remained stable, at EUR 3.90 sqm/ month in the first quarter, similar to the value recorded at the end of last year.
Romania modern retail stock is approaching the 4 million sqm milestone, at the end of the first quarter of 2021 summing 3.91 million sqm, with 17,000 sqm delivered, according to CBRE Research data.
Prime retail rents remained constant in the first quarter, at 40 euro/ sqm for high street spaces, respectively 70% for shopping centers, according to the CBRE Research report.