Companies in Romania rented 350,000 sqm worth of logistics and office space in the first six months of this year, up 54% compared to the same period in 2016.

The new demand, which doesn’t include renegotiations and relocations, but only new contracts, increased by 51% in the first half of the year to 229,800 sqm, according to the real estate consultancy company JLL.

"Demand in the industrial and logistics market exceeded our estimates, as the rentals in the first half of the year were above our projected level for the entire 2017,” said JLL Romania manager Costin Banica.

If the market keeps the same growth pace until the end of the year, it could see a new record in 2017. The market already reached a record high last year, with transactions of 460,000 sqm, Banica added.

Three projects totaling 72,000 sqm have been delivered since the beginning of this year, and another 212,000 sqm could be completed by the end of 2017.

The new demand for industrial spaces exceeded more than three times the market supply, so the vacancy rate continues to be very low, according to JLL.

editor@romania-insider.com