Logistics and industrial space developments in Romania resumed growth in 2024, with the stock reaching approximately 7.6 million sqm
Developers completed over 570,000 square meters of logistics and industrial spaces last year, up 27% compared to 2024, bringing the national stock of such spaces to approximately 7.6 million square meters. Development activity returned to growth after project deliveries in 2023 were 46% below the 2022 level, according to data from the real estate consulting company Cushman & Wakefield Echinox.
Bucharest accounted for the largest share of space built in 2024 – 152,500 square meters (27% of the total), followed by Ploiești with 127,200 square meters (22% of the total) and Brașov with 76,600 square meters (13% of total deliveries in 2024). Currently, about 230,000 square meters are under construction nationwide. However, deliveries this year are expected to exceed this level, as developers have significantly reduced speculative projects and now begin construction only after securing pre-lease contracts.
The Bucharest-Ilfov area has the largest amount of space under construction (98,000 square meters), while Arad has 22,000 square meters under construction, and Baia Mare will see about 20,000 square meters of new spaces completed throughout the year. Regarding demand, the last quarter of last year saw a significant increase in trading activity – 64% above the third quarter level. However, throughout 2024, companies leased 842,800 square meters of industrial and logistics spaces, representing a decrease of 16.8% compared to 2023. New demand accounted for 62% of the volume traded in 2024, with the rest being renegotiations of existing contracts.
Companies in the FMCG and retail sectors were the most active tenants in the leasing market, followed by manufacturing and automotive companies, and logistics and distribution operators. Considering the demand and trading activity, the vacancy rate saw a slight increase to 4.9% nationwide, with a decrease expected in 2025 due to the limited number of speculative projects being developed.
Reference rents in Bucharest and the main industrial and logistics destinations in the country remained generally stable, ranging from €4.20 to €4.70/sqm/month in Q4 2024, with lower rates for projects with higher vacancy rates. No significant rent fluctuations are expected in the near future, although new projects may be available at higher rents, mainly due to rising construction costs and land acquisition prices.
