The new supply of modern industrial & logistics spaces was modest throughout Q1, as the most significant deliveries were represented by a 23,600 sq. m expansion of CTPark Bucharest West and also by 8,800 and 6,200 sq. m spaces developed by WDP in Sibiu and Almaj (Dolj). The vacancy rate slightly increased in Bucharest (6.1%), with an overall level of 5.0% being registered across Romania.

In terms of the leasing activity, the Q1 volume was of around 197,000 sq. m, down from the 330,000 sq. m recorded in the same period of last year, while the new demand accounted for 59% of the overall leasing activity. The largest transaction closed in Q1 2024 was related to a 19,000 sale & leaseback of Tenneco’s spaces in Ploiesti to WDP, followed by a 11,000 sq. m pre – lease by Maravet within WDP Park Baia Mare and by the new lease agreed by Drim Daniel Distributie for a 10,000 sq. m warehouse space in MLP Bucharest West.

The pipeline for the rest of the year is consistent, as developers currently have under construction projects with a total area of 499,000 sq. m. Moreover, the development of new projects on a speculative basis continues to slow down, as 63% of the 2024 pipeline is already pre-contracted.

The prime headline rents in Bucharest and in the main industrial & logistics destinations in Romania remained flat at levels ranging between €4.30 – €4.70 / sq. m / month in Q1 2024. An upward rental trend is expected in the coming months as a result of the limited pipeline of speculatively developed projects.

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