The modern stock of industrial and logistics spaces exceeded 7 million sq. m across the country at the end of 2023, almost 80% of the total stock being concentrated in Bucharest-Ilfov, West and South-Muntenia.
Projects with a total area of around 452,000 sq. m were delivered in Romania in 2023, corresponding to a 46% decrease compared with the previous year, according to data from Cushman & Wakefield Echinox.
Developers have announced the delivery of more than 500,000 sq. m of new industrial and logistics parks in 2024, with Bucharest-Ilfov having the largest share (180,000 sq. m), followed by the West (144,000 sq. m) region.
The total annual take-up surpassed 1 million sq. m, in line with the levels reported in the 3 years beforehand, with almost 300,000 sq. m being transacted in Q4. Compared with 2022, the total take-up was 23% lower.
Bucharest attracted 48% of the total take-up in 2023, with Timisoara (121,600 sq. m) being the only other location with a gross take-up exceeding 100,000 sq. m throughout the year.
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Logistics and distribution operators were the most active players on the market, with 300,000 sq m. of warehouse spaces being leased, followed by automotive (106,000 sq. m), retail, e-commerce and FMCG companies with 93,000 sq. m and pharma (41,000 sq. m).
The prime headline rents in Bucharest and in the main industrial & logistics destinations in Romania slightly increased at levels ranging between €4.30 – €4.70/ sq. m/ month in Q4 2023.