The demand for logistics and industrial spaces reached 575,000 sq. m during the first 9 months of this year, a decrease of 20% compared with the same period of 2023, according to the Cushman & Wakefield Echinox real estate consulting company. The new demand accounted for 86% of the transacted volume.
Romania recorded a 131% y-o-y growth of the real estate transaction volume during H1 2024, reaching a level of €418 million, corresponding to the highest growth rate in the Central and Eastern Europe (CEE). This significant evolution places Romania 3rd in the region, following Poland and Czechia, surpassing Hungary and Slovakia. The retail and industrial segments were the main drivers on the local market, accounting for 90% of the total volume, while office transactions comprised just 4%, according to data from the Cushman & Wakefield Echinox real estate consultancy company.
Companies leased 410,500 sq. m of industrial & logistics spaces in H1, a total which reflects a 25% drop when compared with H1 2023. However, the new demand had a share of 52% in the overall leasing volume in the same period (213,500 sq. m), more than double vs. the new supply, according to data from the Cushman & Wakefield Echinox real estate consultancy company.
Cushman & Wakefield Echinox closed 2023 with a revenue of EUR 12 million, marking a 15% increase compared with the previous year. This impressive growth propelled the company to the second place among real estate consultants in Romania, in a year marked by a stagnation of this particular business segment.
Companies leased approximately 200,000 sq. m of industrial and logistics spaces in Q1, the demand being primarily generated by manufacturing companies, FMCG and logistics operators, according to data from the Cushman & Wakefield Echinox real estate consultancy company. Romania ranked second regionally in terms of the Q1 demand, after Poland, the uncontested leader in the Central and Eastern Europe, while surpassing Czechia, Slovakia and Hungary.
The modern stock of industrial and logistics spaces exceeded 7 million sq. m across the country at the end of 2023, almost 80% of the total stock being concentrated in 3 development regions – Bucharest – Ilfov, West and South-Muntenia. Projects with a total area of around 452,000 sq. m were delivered in Romania in 2023, corresponding to a 46% decrease compared with the previous year, a contraction which was caused by a reduced development activity on speculative basis, according to data from the Cushman & Wakefield Echinox.
Industrial and logistics projects accounting for more than half a million sq. m are currently under construction and due to be delivered by the end of 2024, 60% of which being already pre-leased.
Cushman & Wakefield Echinox coordinated the BREEAM Excellent certification process for the 550,000 sq m logistics park portfolio in Romania and Hungary, owned by eMAG, one of the largest online retailers in Eastern Europe. The certification recognizes the sustainability performance of buildings by implementing energy efficiency and environmental impact reduction measures.
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