Romania MarketBeat

Oana Iliescu • 7/31/2021

Office Space Bucharest

In Q2 2021, only one new building has been delivered in Bucharest, namely Tiriac Tower (16,500 sq m GLA) in the CBD area of the city, the new supply for H1 2021 being of 46,000 sq m.  

Modern office stock in Bucharest has now reached 3 million sq m (excluding owner-occupier buildings), as important new deliveries are expected in the following months, while the vacancy rate slightly decreased to 13.1%, 40 bp below Q1 2021 level.  

There is still a wide gap in vacancy rates for A and B class office buildings, with A class properties recording a level of 9.8%, compared to 23% in B-class buildings. 

Total leasing activity in Q2 2021 was 71,200 sq m. This corresponds to a y-o-y increase of 60% and also to a 23%increase when comparing H1 2021 to H1 2020.  

Net take-up (excluding renewals) had a lower share (52%) compared to the previous quarter.  

Tenants from the T&T and medical sectors have been the most active ones in Q2, having a combined share of 55% from the total transactional volume.  

Taking into account the remaining pipeline for the rest of 2021, it is expected that the overall demand will come close or even break the 300,000 sq m threshold. 

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Logistics Real Estate in Romania

The demand for logistics space remained solid in Q2 2021, with a total leasing activity of 160,000 sq m, reflecting a 20%decrease both q-o-q and y-o-y.  

However, the gross take-up reached 360,300 sq m during H1 2021, reflecting a 21% y-o-y growth.  

Lease renewals represented less than 20% of the transacted volume, the activity being mainly driven by new demand.  

Bucharest attracted 73% of the transactions signed in Q2 2021, the capital city being followed by Sibiu (15% market share), Constanta (7%) and Cluj-Napoca (3%).  

Demand was driven by various sectors, retail and e-commerce (18% market share), along with logistics and courier companies (13% market share) and pharma (10%) being the most active. 

After a modest Q1 2021, when only 30,000 sq m of new space was delivered, developers completed 177,400 sq m of logistics space.  

The vacancy rate slightly decreased in Bucharest, reaching 6.4%, with an overall level of 5.1% across Romania. 


Retail Real Estate in Romania

Q2 2021 saw the completion of the first phase of Fashion House Pallady (8,500 sq m GLA), an outlet center developed by Liebrecht & Wood at the eastern exit of Bucharest towards Constanta.  

There are new schemes or extensions to existing projects totaling ~90,000 sq m which are under construction and expected to be delivered by the end of the year.  

The 90-day suspension of activity during the state of emergency from March to June 2020 had a strong impact on tenants which resulted in renegotiations which slightly decreased the headline rents in several locations.  

However, rental levels in retail parks remained flat, as this type of asset continues to have positive results even during the pandemic, especially when compared to shopping centers.  

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