Developers announce projects of over 500,000 sqm of industrial and logistics space

by   CIJ News iDesk V
2024-02-06   10:22

Developers have announced for 2024 the delivery of more than 500,000 sqm of new logistics and industrial parks, with the largest surface area forecast in Bucharest - Ilfov (180,000 sqm), in the Western area (144,000 sqm) and in the Centre ( 105,000 sqm).

Last year, new projects totalling 450,000 sqm were delivered, representing a 46 percent decrease compared to 2022, according to data from real estate consultancy Cushman & Wakefield Echinox.

"Companies are still cautious about expanding their businesses, implicitly leading to a reduction in the need for new space. Moreover, even when they want to expand their logistics operations, the decision-making time is lengthy, prolonging the process of completing transactions. On the other hand, the current climate is creating new opportunities, so we will see consolidation of operations into fewer but larger buildings to increase efficiency, reduce costs and improve delivery processes," says Andrei Brînzea, Partner Land and Industrial Agency Cushman & Wakefield Echinox.