Industrial property: over 1 million sq m of new space for 2018
By Emea Riga
Industrial sector will witness this year it’s most spectacular evolution in recent history, and will outpace for the first time 1 million sq m delivered in a single year at national level.
The last analysis provided by Activ Property Services shows that over 1,020,000 sq m of new space are announced for delivery this year, an over 70% yearly growth. Over 540,000 sq m have been already completed since the start of this year, the rest of the planned area being in advanced stage of construction.
This year’s new stock includes speculative areas of 765,000 sq m GLA and owner-occupied buildings in excess of 255,000 sq m GLA. The speculative stock announced for this year (765,000 sq m) is larger than the stock completed during the economic crisis period (2009-2013).
2018 is announced to be a record year for the industrial sector, to reach a historic top following consecutive annual jumps of 40-50% in the last 3 years. Development activity has restarted since 2015 on the back of demand growth, coming especially from the logistics segment, reaching last year completions in total of 593,000 sq m GLA.
The positive economic growth and the accelerated increases in consumptions have brought growing demand for industrial space, with a 70% jump last year when take-up reached a record of 730,000 sq m GLA of major leases at national level.
Major leases of over 350,000 sq m GLA were reported during the first 9 months of this year, out of which 60% in Bucharest area. Important volumes were also registered in Pitesti, Craiova, Cluj-Napoca and for the first time in Buzau where Ursus Breweries leased 20,000 sq m. Over 90% of the demand came for logistics and warehousing activities.
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