P3 Logistic Parks: more than 170,000 sqm leased in 2023

P3 Logistic Parks, a developer, owner, and manager of industrial European real estate concluded 2023 in Romania with transactions totalling more than 170,000 sqm in P3 Bucharest A1 industrial park – P3’s highest activity volume recorded in recent years, in the Romanian market.

Approximately 40 percent of the leased space is occupied by large retailers and FMCG companies, 40 percent by logistics and distribution companies, while the remaining 20 percent are rented by companies in sectors including manufacturing, IT, and pharma.

From the total reported leases in 2023, over 150,000 sqm were transactions with long-term partnerships and 20,000 sqm were from short-term partnerships. Among the long-term partnerships, 77 percent of the area were prolongations of existing contracts, 25 percent extensions of leased space within the park, and 5 percent were new tenants.

Cristina Pop, Head of Asset Management P3 Romania: “Last year was successful for us; marked by outstanding results, as shown in the transactions signed, including contract renewals, expansions, and the diversification of our tenant mix. The addition of a new sector to our tenant portfolio, focused on light production speaks of the park’s sector-leading electrical capacity of 50MW, which represent a distinct advantage. The plan for 2024 is to focus on maximizing our existing portfolio, advancing our ESG strategy, and continuing to provide excellent customer service.”

The developer saw strong interest from clients in environmentally friendly buildings and green energy options, which is reflected in the company’s well-defined ESG strategy. All the buildings in the park are BREEAM-certified “Very Good” for sustainability, with P3 Bucharest A1 being the only institutional industrial park in Romania with smart metering on the electrical side.