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"Continuing the very good evolution of last year, 2020 reconfirms the interest of the real estate developers and the potential tenants for new projects, both for industrial parks and offices and shopping centers. Important deliveries announced for 2020 meet the high demand and thus contribute to the creation of a healthy growth, which will be in the benefit of all the market players. On the other hand, the fact that the real estate investments are made on long-term, shows the trust of the companies in the future of the local market and also in the economic perspective of the country”, says Alexandru David, analyst of the Department of JLL research Romania.
The engine of the development market will be this year also the logistics and industrial segment, where the projects to be completed amount to over 830,000 square meters, respectively 68% of the total. Thus, the stock will exceed a new psychological threshold of 5 million square meters, reaching 5.29 million square meters.
In total, in 2019, approx. 650,000 m² of modern industrial and logistics warehouses were delivered nationwide. Thus, at the end of Q4, the modern industrial stock in Romania reached over 4.46 million m².
Logistic and industrial pipeline 2020 (Selection)
Project
|
Location
|
Area (sqm)
|
Type
|
WDP Stefanesti
|
Bucharest
|
115,600
|
Extension
|
WDP Deva
|
Deva
|
96,500
|
Extension
|
CTPark Bucharest West
|
Bucharest
|
88,500
|
Extension
|
VGP Park Timisoara
|
Timisoara
|
30,500
|
Extension
|
Eli Park 1
|
Bucharest
|
30,000
|
Extension
|
CTPark Bucharest
|
Bucharest
|
25,000
|
Extension
|
Global Logistics Chitila
|
Bucharest
|
20,000
|
Extension
|
Southern Industrial
Park
|
Craiova
|
19,400
|
Extension
|
Over the whole of 2019, the office stock in the city increased by 282,600 sqm to almost 3 million sqm. Another 205,000 sqm are expected to be delivered in 2020. This represents approximately 73% of the office stock delivered in 2019, which experienced record deliveries.
The important deliveries awaited for 2020 are Ana Tower in the North – Expozitiei sub-market, the third phase of Globalworth Campus, in Dimitrie Pompeiu sub-market, Globalworth Square and One United Tower, in Floreasca – Barbu Vacarescu. Combined, they will add 116,000 sqm to the modern stock.
Office projects pipeline for 2020 in Bucharest (selection)
Project
|
Location
|
Area (sqm)„
|
Developer
|
Ana Tower
|
Nord Expozitiei
|
34,700
|
Ana Holding
|
Globalworth Campus ph. 3
|
Dimitrie Pompeiu
|
32,000
|
Globalworth
|
Globalworth Square
|
Floreasca – Barbu Vacarescu
|
25,700
|
Globalworth
|
Property Submarket Size (m²) Developer
Property Occupier Contract typ
On the retail market, for the whole of 2019, in total 172,200 sqm of GLA were delivered in major retail schemes in Romania, almost 84% of which situated in secondary cities, bringing the total stock in Romania to almost 3.38 million sqm.
For 2020 it is expected the delivery of at least 180,000 m² of GLA of new modern retail schemes, thus the stock will increase at 3.56 million sqm nationwide . Only 12.4% of all deliveries will be in Bucharest. The largest new project, expected to be opened by the end of 2020 is AFI Palace Brasov. The 45,000 m² of GLA shopping center is being developed by AFI Europe, who also owns two other major schemes in Romania, AFI Palace Cotroceni in Bucharest and AFI Palace Ploiesti.
Another large project, Shopping City Targu Mures, will be delivered by NEPI Rockcastle during the first half of 2020, adding 41,300 m² of GLA to the stock. A 33,000 m² of GLA shopping centre, Dambovita Mall, is expected to be delivered by Prime Kapital during Q2 2020 in Targoviste.
In Bucharest, 2020 will bring the opening of the extention of Colloseum retail park with Colloseum Mall in Bucurestii Noi, adding 16,500 m² of GLA to the stock during the first quarter of the year. Also during Q1 is expected the delivery of the 6,000 m² of GLA extension of Veranda Mall in Obor.
Pentru 2020 este așteptată finalizarea a cel puțin 180.000 metri pătrați spații de retail moderne, 12,4% în București. Stocul va ajunge astfel la 3,56 milioane de metri pătrați la nivel național, dacă toate proiectele anunțate vor fi finalizate.
Retail schemes announced for 2020 in Romania (>10,000 sqm) Property Format Developer Size (m²)
Project
|
Location
|
Type
|
Developer
|
Area (sqm)
|
AFI Palace
|
Brasov
|
New project
|
AFI Europe
|
45,000
|
Shopping City Targu Mures
|
Târgu Mureș
|
New project
|
NEPI Rockcastle
|
41,300
|
Dambovita Mall
|
Târgoviște
|
New project
|
Prime Kapital
|
33,000
|
Colosseum Mall
|
București
|
New project
|
Colloseum Mall
|
16,500
|
Prima Shopping Center Sibiu
ph. 1
|
Sibiu
|
New project
|
Oasis Retail Development &
Consulting and Supernova
|
15,000
|
Sfantu Gheorghe Value
Center
|
Sfântu Gheorghe
|
New project
|
Prime Kapital
|
14,800
|
Prima Shops Timișoara
|
Timișoara
|
New project
|
Oasis Retail Development &
Consulting
|
10,000
|
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