Muler Onofrei, the co-founder of local logistics parks developer Element Industrial, has joined real estate consultancy firm CBRE as Business Development Director.

He will focus on the industrial sector, where he has gained extensive experience, previously working for international investors such as ProLogis and Panattoni and as co-founder of Element Industrial alongside Ionut Dumitrescu.

"The industrial space market in Romania is probably experiencing the best period in the last 20 years, both in terms of total leasing activity - almost 1 million sqm in 2020, and in new developments and land acquisitions, currently underway. This dynamic and the desire for active involvement convinced me to return to real estate consultancy, where my assistance can have an impact on the entire market. I have experienced the agility of the local developer and the complexity of the international investor, and I will use these features to come up with the best solutions for our clients," Onofrei said.

The industrial spaces stock in Romania exceeded the threshold of 5 million sqm in 2020, reaching 5.1 million sqm after 574,000 sqm were delivered last year, according to CBRE data. About half of the stock is held by three property owners - CTP, WDP, and P3.

Although the range of investors has broadened in recent years, including through the development of local players, such as Element Industrial, Global Vision, or Transilvania Constructii, presently local investors hold only 5% of the total existing stock.

(Photo courtesy of the company)

simona@romania-insider.com