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Real estate: Logistic and industrial area stock reaches 1.8 million sq.m in semester I, 2014 (study)
The modern stock of logistic and industrial areas reached 1.8 million square meters at the end of the first semester, 2014, about 53% of these areas (950,000 sq.m) being in Bucharest, according to the DTZ Research study. Other towns with important industrial and logistic areas are Ploiesti, Timisoara, Brasov, Pitesti, Arad and Cluj Napoca.
The overall volume of rentals in the first 6 months was 89,000 sq.m, the new demand representing 70% of this volume, with 61,000 sq.m negotiated, while 28,000 sq.m were re-negotiated or extended contracts. In Bucharest, the volume of rentals was of 34,000 sq.m (46% of national total)the demand representing 90% of transactions. Most of the demand was generated by companies from the production sector, followed by logistic, automotive and retail companies.
The average vacancy rate of logistic and industrial areas in Romania is 8% while in Bucharest it is 10%. Towns like Cluj, Brasov, Pitesti and Oradea register a rate under 2%.
The value of rent did not change in the first half of the year. Premium rents for modern deposits are between 3.6 and 3.9 euro/sq.m./month, the net effective rent being 10-20% lower. Compared to the same period of 2013, premium rents dropped by 5%. For units with areas under 5,000 sq.m, the rent level is slightly higher. For B class areas rents vary between 2.5 and 3 euro/sq.m/month.
The average area in demand in the first semester 2014 was of 3,500 sq.m, which points out the tenants’ cautious attitude about the expansion strategy, preferring the increase of the rented area in stages.