Transactions with industrial spaces reached 63,000 square metres this year, the highest level seen in the past 15 years, according to a real estate market survey conducted by realtor DTZ Echinox.
Demand largely came from retailers and logistics companies operating on the domestic market, according to the real estate firm.
This year''''s most important deal on this market was the rental contract through which retailer Minimax Discount took over 14,000 square metres in Mercury Logistic Park. The deal was brokered by Eurisko.
The second deal of the year in terms of rented area saw logistics operator FM Logistic rent 13,000 square metres in the Cefin Logistics Park project, a transaction handled by DTZ.
The third-largest deal was sealed by Geodis, which rented 10,000 square metres within the Geodis Center project.
Current players such as Cefin Real Estate, Portland Trust, Phoenix Real Estates and Willbrook Management, will be joined by other major names on the global market of real estate developers, such as Grontmij, ProLogis and Parkridge, the company estimates. Rental fees for high-quality industrial space remained at a level similar to that of 2004, within the range of 5-5.5 euros/square metre/month, with exceptions for large areas rented over a period of more than 5 years.
This confirms the market''''s stability over the last three years.
For 2006, the company forecasts a considerably lower level of rents, within the range of 4.5-5 euros/square metres/month, a trend that looks set to continue over the next three years. This drop is due to the booming supply.
The decline of rent prices will keep other developers at bay over the following years and the industrial space market will witness the consolidation of operations carried by the already existent developers.
Industrial space to be delivered next year exceeds 100,000 square metres, up 57% on this year, a supply based on the expansion of the existing projects, as well as from the start of new projects that will each put 10,000 to 30,000 square metres of space on the market.
The existing logistics parks and future projects are mainly located in Bucharest, close to the main roads to Ploiesti (north of the city), such as the Logimax project, or to Pitesti (west), such as the Cefin and Mercury Logistic Park. alexandru.cerchez@zf.ro
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