The industrial real estate market in Central and Eastern Europe (CEE) recorded different developments from country to country in Q3 2024. In Romania, the industrial market reached a total stock of 7.56 million sqm, with 208,300 sqm of new deliveries, shows a report by iO Partners.
The first three quarters of 2024 saw positive developments in Romania’s industrial and logistics real estate sector. Total rental demand reached 520,000 square meters from January to September, marking an 8 percent decrease from the same period last year, according to Colliers data. This data includes only public rental transactions reported in the local real estate forum or publicly disclosed by companies through financial reports and press releases.
The total stock of industrial and logistics spaces in Romania could reach the 8 million sq. m threshold at the end of 2025, if the recent annual development pace of ~500,000 sq. m is maintained. As of mid-year, over 7.125 million sq. m were operational nationwide, with more than 50% of these projects being located in the Bucharest – Ilfov and West regions of the country. The least developed regions in this regard are South – East and North – East, according to the Romania Industrial & Logistics Market report produced by the Cushman & Wakefield Echinox real estate consultancy company.
Romania's modern stock of industrial and logistics space reached 7.1 million square meters last year, which is the third largest I&L market among the 13 largest economies in Central and Eastern Europe, and developers have construction of more than 500,000 square meters of modern premises, according to the report "ExCEEding Borders | Navigating the Industrial Landscape and Workforce in CEE-13" published by Colliers.
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.
The industrial and logistics market registered a new record year both in terms of supply and demand, with development being concentrated in the Bucharest – Ilfov and West regions. However, other areas have also benefited from consistent investments in such projects in the last few years, with demand being mainly driven by logistics and retail companies.
With approximately 0.5 million sq m under construction and 44% of the area under construction being already pre-let, the modern stock of industrial spaces in Romania reached 5.9 million sq m in the first semester of 2022, according to the Romania Industrial Destinations research special report, launched by CBRE Romania.
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