Romania: Industrial & Logistics Barometer Spring 2019

The Romanian industrial and logistics market ended a less than stellar first quarter, with total leasing transactions of storage spaces more than halving in 1Q19.

Still, robust private consumption fueling demand for warehouses and our own pipeline suggest that the second part of the year should be more dynamic; indeed, last year’s fourth quarter alone accounted for half of 2018’s activity. 

As a special theme for this quarter, we analyzed the regional intensity of national freight transport operations based on the quantity of goods loaded and the results underscore big discrepancies. Indeed, the most active 7 regions (including Bucharest) add up to one third of the total quantity of transported goods each year, whereas the 7 least active counties scrape together just about 6% of the total market. We expect these regional hubs to continue expanding nicely over the longer term and also expect at least one strong center to emerge in the region of Moldova over time.

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Romania Industrial Market Overview 2019

Romania’s industrial stock currently stands at around 3.75million sqm, with another 400,000sqm planned to be delivered by the end of 2019. Thus, 2018 has marked a new record on the industrial market, with approximately 455,000sqm delivered in a single year. Bucharest continues to be the largest market, with a 2.2million sqm stock at the end of 2018.

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Industrial Market – South Region 2019

The Q1 2019 property investment volume for Romania is estimated at circa €119.5 million, a value almost three times the one registered in the same period of 2018 (€44 million). Moreover, there are a number of transactions in different stages of negotiations that will most likely be concluded during the remainder of 2019. In comparison with Q1 2018, the number of transactions decreased, however, the average deal size increased, standing at approximately €40 million. Bucharest accounted for less than 4% of the total investment volume, mainly due to a very large retail portfolio transaction that closed during Q1 in various regional cities. Market volumes were dominated by retail transactions (almost 95%), while office accounted for less than4%. 

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Romania Industrial & logistics Market Barometer 2018

Total reported leasing activity nearly halved (-47.7%) in 1Q-3Q
2018 period compared to 2017’s same period, to over 218,000sqm; it is likely that a lot of significant transactions are flying under the radar (ie direct deals between the landlord and the tenant, unreported to the Bucharest Research Forum).

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Romania Market – Industrial & Logostics Market – Overview coloring insights Q1-Q3 2017

The industrial sector continues its positive trend that began in 2016.Important players on the industrial market, both investors and developers, promise new projects and expansions of the existing spaces in what appears to be a new record for the real estate market. The first three quarters of 2017 were dominated by logistics companies and retailers.

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Industrial Market – South Region 2016

For the first 9 months of 2017, the property investment volume for Romania is estimated at €610 million, a value almost 44% higher than the one

registered in the same period of 2016 (€423 million). The number of transactions increased, with the average deal size standing at approximately €25.3 million.

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Romania Industrial & Logistic Destination Romania – South Region 2016

South is the second largest region in terms of population, with over 3 million inhabitants. Having three highways with a total length of ~317 km and some important ports located on the Danube River, the South region is the most developed in terms of infrastructure.

Out of the private investment volume recorded outside Bucharest, the area has attracted the largest share – 40%. Automotive is the most developed sector, followed by FMCG and Manufacturing/Industrial, with 12% and 10%.

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New supply driven by custom build facilities

At the end of H1 2015 modern stock of industrial and logistics spaces across Romania was of 1.9 million sq. m. Bucharest accounts for 50%, with a stock of 955,000 sq. m. With no major deliveries registered, Bucharest’s logistics and industrial portfolio remains unchanged. Outside Bucharest, the largest markets in terms of stock are Timisoara – 12% share in total stock, Ploiesti – 10%, Brasov – 7% and Cluj – 7%.

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