Contract renewals represented only 16% of the transactional volume, so demand was primarily driven by new contracts and relocation projects. More than 40% of the transactions were pre-leased, so the market will continue to grow at a steady pace. Bucharest attracted almost 60% of the transactional volume, an important activity being observed in Timisoara, Piteşti (10% of the traded volume) or Braşov (7%).
Deliveries of new spaces in the first quarter of 2021 were limited, the most important development being the extension by 10,000 square meters of the distribution center owned by Decathlon within the logistics park developed by WDP at the intersection between Bucharest – Ploieşti highway andthe Capital ringroad. Within the same project, one of the largest transactions of the beginning of the year was signed, eMag leasing 11,000 square meters.
Rodica Târcavu, Partner, Industrial Agency, Cushman & Wakefield Echinox: “The companies in retail, distribution and e-commerce sectors are the most active in the industrial and logistics market and we are confident that they will be the engine for future logistics parks developments in Bucharest and other cities. This sector is entering a new maturity phase, with diverse projects realised by both international developers and local players, with high standards for the quality of buildings and attention for the environment, as well as stable tenants with well-defined plans and increasingly more sophisticated requirements.”
Currently, developers are building new spaces with a total area of over 450,000 square meters. Bucharest remains the most active market, around the Capital being concentrated about 55% of the new spaces under construction. Cluj-Napoca, Timişoara and Braşov, three of the most important regional logistics markets, along with Craiova, where a new logistics center for Profi will be built, are also active. (source: Cushman & Wakefield Echinox)
