DTZ Echinox expects increased demand for logistics and industrial spaces in 2013
The company also indicated that whilst no completions were tracked in Bucharest in H1 2012, the new supply in Q3 amounted to some 15,000 sq m, representing the expansion of the logistics provider DSV in Bucharest West Park.
Looking ahead, the company said there were no new developments expected to start by the end of 2012 in Bucharest, whilst for 2013 no significant increase in the total stock of modern logistics & industrial spaces was expected in the capital city.
Between Q1 and Q3 2012, the take-up volume in Bucharest reached a level of around 45,000 sq m. The list of most significant transactions includes the DSV transaction of 15,000 sq m within Portland Trust’s scheme, and the expansion of DB Schenker with a further 5,000 sq m of space at Aviva’s project, Phoenix Logistics Park.
“Despite of the challenging context of 2012, we have recently noticed an increased number of companies from different sectors – logistics, retail, telecom and pharmaceuticals - looking to expand or enter the Romanian market, so we are optimistic that the demand for logistics and industrial spaces will be more dynamic in 2013,” said Rodica Tarcavu, Head of Industrial Department at DTZ Echinox.
Compared with 2011, when the take-up reached the highest level tracked since 2008, the transaction activity dropped in the first nine months of 2012 back to the levels registered in 2009 and comparable to 2004 – when the occupiers’ approach was extremely cautious.
DTZ Echinox emphasized that requirements remained on average at around 1,000 – 3,000 sq m, similar to the level registered in the last three years, with few transactions in the range of 5,000 sq m – 10,000 sq m, the demand being mainly generated by the distribution and production sectors, followed by logistics companies.
The vacancy rate for A class logistics warehouses remained stable during the first nine months of 2012. Thus, at the end of Q3 2012, the vacancy rate for premium properties situated in Bucharest ranged between 10 – 13%.
In the other secondary cities of Romania such as Timisoara, Arad and Ploiesti – traditionally known as major clusters of the industrial market – the vacancy rate remains high at 13 – 15%.
Considering a reduced take-up volume forecast for 2012 coupled with no planned supply, the company expects the vacancy rates to remain stable by year-end.
For B class warehouse space, asking rents vary between €2.5 – 3.0 per sq m per month, with the respective owners offering higher flexibility to tenants that have reduced their activities and/or have had to dramatically cut their operational costs.
Looking ahead, the company said there were no new developments expected to start by the end of 2012 in Bucharest, whilst for 2013 no significant increase in the total stock of modern logistics & industrial spaces was expected in the capital city.
Between Q1 and Q3 2012, the take-up volume in Bucharest reached a level of around 45,000 sq m. The list of most significant transactions includes the DSV transaction of 15,000 sq m within Portland Trust’s scheme, and the expansion of DB Schenker with a further 5,000 sq m of space at Aviva’s project, Phoenix Logistics Park.
“Despite of the challenging context of 2012, we have recently noticed an increased number of companies from different sectors – logistics, retail, telecom and pharmaceuticals - looking to expand or enter the Romanian market, so we are optimistic that the demand for logistics and industrial spaces will be more dynamic in 2013,” said Rodica Tarcavu, Head of Industrial Department at DTZ Echinox.
Compared with 2011, when the take-up reached the highest level tracked since 2008, the transaction activity dropped in the first nine months of 2012 back to the levels registered in 2009 and comparable to 2004 – when the occupiers’ approach was extremely cautious.
DTZ Echinox emphasized that requirements remained on average at around 1,000 – 3,000 sq m, similar to the level registered in the last three years, with few transactions in the range of 5,000 sq m – 10,000 sq m, the demand being mainly generated by the distribution and production sectors, followed by logistics companies.
The vacancy rate for A class logistics warehouses remained stable during the first nine months of 2012. Thus, at the end of Q3 2012, the vacancy rate for premium properties situated in Bucharest ranged between 10 – 13%.
In the other secondary cities of Romania such as Timisoara, Arad and Ploiesti – traditionally known as major clusters of the industrial market – the vacancy rate remains high at 13 – 15%.
Considering a reduced take-up volume forecast for 2012 coupled with no planned supply, the company expects the vacancy rates to remain stable by year-end.
For B class warehouse space, asking rents vary between €2.5 – 3.0 per sq m per month, with the respective owners offering higher flexibility to tenants that have reduced their activities and/or have had to dramatically cut their operational costs.
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