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Real estate: Timisoara has biggest projects for industrial areas under construction
Timisoara has the largest industrial areas in construction - 65,300 square meters in two projects whose delivery is scheduled for the first part of the year, while in Bucharest developers do not have such investments, Cushman & Wakefield show.
“Deliveries in Timisoara will not affect the occupation rate for the town stock, considering that both projects have been pre-leased, one by Continental and the other one by TT Electronics. In Bucharest there is no such project in construction even though investments of a million square meters have been planned and could be activated once the market continues to grow and pre-rentals take place,” says a report of the real estate consulting company.
Timisoara attracted most new contracts for industrial areas last year, the biggest renting transaction being the one when the German company Elster Rometrics pre-rented 7,000 sq.m. In Timisoara Airport Park.“If contract renewals are included, Timisoara will rank second after Bucharest with 95,000 sq.m” the report shows.
The biggest transaction made last year was the takeover by P3 group of Europolis Logistics Park in Bucharest (the biggest industrial park in Romania - 215,000 sq.m) by the Austrian group CA Immo, for 120 million euros.“This transaction takes overall transactions with industrial projects to 193 million euros in 2014, a spectacular increase compared to 2013”, the source mentions.
Cushman consultants consider there is a lot of optimism in the market, with high demand level, but with low offer of available projects.