Real estate developers are planning to deliver next year in Romania record surface projects of over 700,000 square meters, representing a total investment exceeding EUR 800 million.
In 2016, the investments in office buildings will be preferred by the property developers, followed by retail, logistics and industrial projects, according to JLL report released on Monday.
“After 2015, when the office market vacancy rate declined to about 13.1 percent and rents remained stable, the high level of new deliveries will lead to the resumption of increasing vacancy rate and, therefore, a slightly downward trend of rents under a constant demand in recent years,” Marius Scuta, National Director, Head of Office Department and Tenant Representation JLL said.
It’s about Bucharest One – 50,000 sqm, EUR 95 million, HBC 2&3- 45,700 sqm – N/A, Oregon Park – 45,000 sqm, EUR 90 million, Metroffice – 20,000 sqm, EUR 35 million, Metropol – 36,000 sqm, EUR 20 million, The Landmark – 22,000 sqm, EUR 30-40 million. On the retail market will be delivered projects totaling over 237,000 square meters, meaning an increase by 10 percent of the current stock, estimated at 2.8 million square meters.
Most deliveries are new projects (85 percent) and Bucharest will draw more than half of these investments (125,000 square meters). Thus, the newest malls will be: Park Lake Plaza Bucharest – 67,000 sqm, EUR 180 million; Shopping City Timisoara – 55,700 sqm, EUR 81 million; Shopping City Piatra Neamt – 29,000 sqm, EUR 34 million; Shopping City Satu Mare – 27,000 sqm, EUR 28 million, Veranda Mall Bucharest – 25,000 sqm, EUR 60 million.
By the end of this year are scheduled for completion some logistics and industrial projects also of 15,000 square meters, so that the total stock of modern facilities is approximately 2 million square meters, following that around 195,000 square meters to be delivered in 2016.
It’s about P3 Logistic Park Bucharest – 81,000 sqm, Log Center Mogoşoaia – 40,000 sqm, Tetarom 3 Cluj – 36,000 sqm, CTPark Turda 23,000 sqm, Log Center Ploiesti – 15,000 sqm.