The demand picked up slightly and developers became more optimistic on market recovery prospects, driven by the industrial and retail sectors.
Two developers have had an active presence in the logistics and industrial sectors in the first quarter 2010: Millennium Logistic Park (with a 12,000-sqm project) and Cefin Real Estate (with a 10,000-sqm storage facility).
Outside Bucharest, Ploiesti West Park is developing a 20,000-sqm big box and Helios Phoenix has undertaken the construction of a 24,000-sqm project in Timisoara.
The modern logistic space stock in Bucharest currently stands at 900,000 and at 400,000 sqm across the country, the main development areas being Timisoara, Arad, Ploiesti and Brasov.
The demand has been channeled to medium spaces, with an area between 1,000 and 3,000 sqm. Retail and logistics sectors have remained stable, but with a significant upside potential.
Take-up volume increased to 15,000 sqm in Bucharest, which was achieved with only few important deals, the biggest one being for a 6,000 sqm space. The country (central area in particular) has seen a high interest from retail and logistic companies. However, no notable transactions were completed in the Jan-Mar period.
Vacancy rate remained between 10 and 15% in Bucharest compared to secondary cities such as Timisoara and Arad.
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