The center is developed on 56.5 hectares, in joint-venture between MLP Group from Poland and Bluehouse, from Greece. The first phase of the development will provide 12,000 sqm class A space that can host storage, logistics, distribution and production activities in July 2010.

“At the end of the first quarter we will witness an increase in vacancy to 14%, or 2 bps higher than the level reached at 31st of December, 2009. In the current climate, where tenants can find available space, we are pleased to be part of the first pre-lease in many months and the team to secure the first tenant to Millenium”, said Viorel Opait (photo), Industrial Division Manager within Colliers International.

Gabriel Sfetcu, Head of Industrial at Cushman & Wakefield Romania said recently that he expected an increase of maximum 10% in industrial space demand, led by small spaces of 1,000sqm – 2,500 sqm.

Vacancy climbed to 105,000 sqm of the total 900,000 sqm stock, while most companies opted for industrial spaces in existing projects.

Millenium is one of the few projects in the country that started as a speculative development, hoping to lease prior to completion.

Bucharest took the 36th spot in the Cushman & Wakefield’s list of most expensive prime industrial locations in the world by rents, up ten places from last year.

Colliers International is a global partnership between companies which offers real estate consulting services, with over 480 offices in 61 countries. In Central and Eastern Europe, Colliers International provides services in countries like: Romania, Poland, Czech Republic, Slovakia, Hungary, Russia, Ukraine, Bulgaria, Serbia and Montenegro.

Bucharest goes up to two places in the top most expensive industrial locations

Bucharest goes up to two places in the top most expensive...