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Romania MarketBeat

Oana Iliescu • 5/11/2022

Office Space Bucharest

The Q1 2022 new supply has been consistent, with three new deliveries in Bucharest, consisting of an extension of the Sema Parc project, namely the London & Oslo buildings (31,500 sq. m GLA in total), the first phase of the @Expo project (21,000 sq. m GLA) and the Tandem building (21,000 sq. m GLA), the total new supply in Q1 2022 reaching 73,500 sq. m.

As a consequence, the office stock in Bucharest was of 3.27 million sq. m (excluding owner-occupier buildings) at the end of Q1, with a slightly higher overall vacancy rate of 15.3% (compared with 13.5% at the end of Q1 2021). This can mostly be explained by the difference between A and B class office buildings, which currently record vacancy rates of 12.9% and 23.6%, respectively.

Get more data by downloading the office report.

Logistics Real Estate in Romania

The demand for industrial and logistics spaces remained consistent in Q1 2022, with a total leasing activity of over 300,000 sq. m, reflecting a 50% increase when compared with Q1 2021, thus maintaining the positive trend observed during the last two years. Renewals represent only 15% of the transacted volume, the activity being mainly driven by new demand. Among the largest transactions signed in Q1 2022 we can mention the 25,000 sq. m expansion of the Pirelli space within WDP Park Slatina, Panduit’s 11,200 sq. m renewal and expansion in CTPark Arad or SLS Cargo’s 7,500 lease in P3 Bucharest A1. Bucharest had a 35% share of the Q1 2022 take-up, the capital city being followed by Ploiesti (29% market share), Slatina (8.3%) and Arad (8%). Demand was driven by various sectors, as retail and ecommerce (35%), along with logistics and distribution (15% market share) and automotive (10%) companies being the most active.

Get more data by downloading the industrial report.

Retail Real Estate in Romania

The only project completed in Q1 2022 was the 16,500 sq. m extension of Colosseum Mall in the 1st District of Bucharest, the largest retail project delivered in the capital city in the last 6 years. All remaining Covid-19 related restrictions have been lifted and this has already resulted in an increase in footfall and sales in physical stores, although still below the levels recorded before the pandemic. The high inflation is the main challenge for the retail market due to the erosion of incomes and a subsequent decrease of the purchasing power. The Romanian retail market continues to attract new brands, which have announced their plans to enter the local market such as Primark and Footlocker, among others.

Get more data by downloading the retail report.

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