The retail, offices and logistics spaces that were handed over this year stood at 956,000 square meters, up by 88 percent compared to 2015, therefore marking the best year of the local real estate market since 2008, DTZ Echinox analysis shows. Almost 6 percent of the spaces were built in Bucharest and around the Capital.
As regards the industrial and logistics spaces sector, 2016 was the best year in the history of the local real estate market, with approximately 380,000 square meters being handed over, increasing the consumption.
There was also a higher demand in the industrial sector, which generated a new wave of “turnkey” investments, as well as speculations. According to DTZ analysts, this is a sign for investors that regained their trust in the potential of the local market.
The highest growth of delivered spaces compared to the previous year, namely 240 percent, was recorded by the office sector in Bucharest, the new spaces cumulating almost 290,000 square meters.
The 370,000 square meters projects completed this year in the logistics and industrial sector represent the equivalent of spaces being delivered in the previous five years (2011-2015) all together.
Almost 190,000 square meters, representing half of the logistics and industrial spaces completed this year, were developed in Bucharest, after seven years in which the cumulated deliveries were only 90,000 square meters, which means very little for a European capital. The logistics market development trend will be also maintained in 2017, when the DTZ Echinox estimates that the level of deliveries will be the same. The investors will focus on Bucharest, Cluj-Napoca, Timisoara, Sibiu and Brasov.
As for the retail sector also had an important progress in 2016, the level of deliveries standing at 237,000 square meters, up by 40 percent year-on-year.