The positive evolution of the development activity comes from the sustained demand expressed by the tenants in the last three - four years, as more than half of the new spaces to be delivered this year have already been signed rental contracts.
At the end of last year, the stock of retail space exceeded 3.7 million square meters, almost similar to office space, while the stock of logistics facilities was around 3.5 million square meters.
In 2019 about 600,000 square meters of logistics and industrial spaces, over 400,000 square meters of office space and 200,000 square meters of retail space are expected to be delivered. In Bucharest, 300,000 square meters of industrial space and 300,000 square meters of office space will be delivered, while the commercial projects Colosseum and Veranda Mall will be extended with a cumulated area of approximately 25,000 square meters.
In Bucharest, new office buildings are currently under construction with an area of about 500,000 square meters, and by the end of the current year 300,000 square meters of space will be delivered. The most active developers in terms of deliveries will be the Portland Trust (63,000 square meters in Expo Business Park and Oregon Park), Vastint (62,000 square metres in Business Garden and Timpuri Noi Square), Globalworth (42,000 meters squares in Renault Business Connected) and River Development (38,000 square meters in The Light and Sema Offices).
The office buildings sector is developing in other major university centers, in Timisoara, Cluj-Napoca, Brasov and Iasi, new buildings with an area of approximately 130,000 square meters will be delivered.
The industrial and logistics sector resumed growth in 2015 and will peak this year when developers plan to build new warehouses with a GLA of approximately 600,000 square meters . The most active investors will continue to be CTP and WDP, which have been market leaders in recent years, followed by developers such as VGP, P3, Global Vision or Transilvania Constructii. (source: news.ro)
