Logistics and industrial spaces close to full occupancy in Q1
Vacancy rate for logistics and industrial spaces in Bucharest is close to zero, with low deliveries of new projects and high demand in the first quarter. According to data from JLL Romania, only 27,000 sqm of industrial spaces were contracted, while net demand was nearly seven times higher, reaching 180,000 sqm. 2017-05-02 11:35:29
"The vacancy rate at the end of 2016 was estimated at less than five per cent in Bucharest and less than ten per cent in the rest of the country," said Costin Banica, head of industrial agency, JLL Romania. "At this moment, it is very difficult for existing projects to find room for new demand. That is why we see an increase in the amount of spaces delivered speculatively without a secure leasing contract. These spaces are contracted by tenants as soon they are placed on the market."
From the demand point of view, JLL representatives see an advance of almost 40 per cent compared to the first quarter of last year, the entire surface being net demand, respectively new contracts and contracts built to suit.
Demand structure shows that 70,000 square meters, or 40 per cent of the total, are leased spaces by logistics companies, while retailers have signed deals for 53,000 square meters, or 30 per cent of the total. More than two-thirds of the first-quarter demand targeted Bucharest - over 97,000 sqm. Timisoara, Ploiesti, Cluj and Roman are other cities that have attracted companies for industrial and logistics.
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