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Real Estate: Over 1 mln sqm of industrial spaces to be commissioned this year
The commissioning of spaces for the industrial sector will exceed this year in Romania the level of 1 million sqm, up by more than 70pct compared to the 2017 data, reveals a specialized analysis, made public by a real estate consulting company.
According to the Activ Property Services data, out of a total of 1.02 million sqm nationally estimated, so far more than 540,000 sqm of industrial spaces have already been commissioned, with the remainder of the projects being in an advanced stage of construction.
At the same time, the new stock for this year includes speculative projects (for renting) in a total area of 765,000 sqm, respectively buildings developed for own use that exceed 255,000 sqm. The speculative commissioning announced for this year (765,000 sqm) exceeds the sums of commissions during the economic crisis (2009 - 2013), the authors of the market study note.
According to the specialized analysis, in the first nine months of this year, the major rental transactions represented 350,000 sqm, of which 60pct in Bucharest alone. Important renting volumes were also recorded in Pitesti, Craiova, Cluj-Napoca and in Buzau, where Ursus Breweries rented 20,000 sqm. Most of the area (over 90pct) was leased for storage and logistics.
As to the lease rates, figures show levels in slight increase, with modern A-class spaces averaging between 3.5 and 4 euro/sqm/ month in major industrial markets.
The analysis of Activ Property Services also shows that the commissioning of new spaces will continue at an alert pace also in 2019, when over 700,000 sqm of new spaces have finalization potential, out of which over 390,000 sqm are already under construction.
Activ Property Services was established in 1993, being one of the leading real estate consulting companies in Romania. The company, which has its headquarters in Bucharest and two regional offices in Timisoara and Cluj-Napoca, benefits from international experience, becoming an affiliated office in Romania of GVA Worldwide in early 2018, after having been the local partner of Cushman & Wakefield between 1995 and 2016.