RSS
Real estate: CBRE: Developers may start building industrial parks
Developers might start building industrial parks, an action postponed for several years, on the background of economic and political stability. 70,000 square meters are now in the stage of planning because of difficulties in obtaining financing, according to CBRE Romania.
The industrial sector recorded last year a higher business figure by 3.1% compared to 2011 and represented a quarter of the total GDP share of Romania, which proves increased interest in the area. This year we expect developers to start industrial park projects postponed a few years ago, on the background of economic and political stability, said Marian Orzu, head of industrial department CBRE Romania in a press release.
In his opinion, tenants will look for efficient areas, especially build-to-suit projects in buildings optimized for their activity profile. In fact rent stabilization will make tenants from less performing areas look for class A locations.
Logistic and industrial projects in the province area to be completed in 2013 and 2014 total 144,000 square meters, to which 70,000 sq.m areas in planning stage are added, due to difficulties in obtaining financing.
In 2012, the stock of industrial areas in Bucharest grew by 2%, reaching 980,000 sq.m. and the total rent area increased by 40% in the second quarter of 2012, compared to the first quarter, according to a report on the industrial market of Romania.
The demand for industrial areas grew in the second quarter by 24% and most transactions were concluded in the capital area , representing about 35% of overall demand.
The regions which attracted most investments in the industrial park in the second quarter were Bucharest (44%), Ploiesti (19%), Pitesti 16%, Timisoara 15%, Ramnicu Valcea 5%, Arad 3% and Constanta 1%.
Logistic operators were most active in the local market, investing both in organizing domestic infrastructure and expansion storage capacity. To fulfill future development plans they went to Ilfov, Braila, Arges, Giurgiu, Vrancea and Arad.