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Colliers consolidates its industrial segment market share

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The total market activity mediated by real estate agents in 2011 reached more than 76,000 sqm in Bucharest, renewals and renegotiations accounting for one third of the total, according to a recent study of Colliers International. With nearly 35,000 sqm of leases mediated throughout the past year, the Industrial Office Agency of Colliers International Romania claimed a market share of more than 70 per cent in Bucharest.
The company emphasized that the industrial market was characterized by stability in 2011, with only 10,000 sqm delivered in Bucharest, in a built-to suit facility. Compared to the previous year, the demand of industrial and logistic space decreased by 10%, a take-up level that is comparable to the one registered in 2004. Bucharest remains the most important logistic hub in Romania, in terms of production and manufacturing. Although the pressure on rents continued to exist, most tenants focused their attention on locations that offer both a qualitative space and a correct rent level.
“Similar to previous years, the majority of tenants opted for locations in the western outskirts of Bucharest. Out of the total demand, half was driven by logistic operators, while another significant part came from existing tenants that either relocated or extended their space,” said Viorel Opait, manager of the Industrial Agency of Colliers International Romania.
Colliers said it had succeeded in mediating more than 44,000 sqm of class A leases in 2011. The volume includes the 10,000 sqm renewal agreement between IKEA and Bucharest West. The company also mediated the lease of 14,000 sqm by eMag and 11,000 sqm by Gebrüder Weiss within Europolis Logistic Park. Other deals were signed with companies such as Genesys, 3M and Extrans for Mega Distribution Park. Another important transaction was secured in the last quarter of 2011, involving the 4,000 sqm leased by Havi Logistics in Chitila Logistics Park. 
As insecurity still looms over the current economic conditions, the evolution of the 2012 industrial market will see a similar trend to 2011. As most important developers present on the market already have additional land capacity for further developments, transactions with land plots for industrial use will be scarce.
According to Colliers, 2011 was the first year when some important companies relocated their operations outside of Romania, but the spaces made available will soon be occupied. The company also predicts that logistic operators will continue to be the most active players in terms of demand in 2012. Also, some of the outsourcing agreements will expire and thererefore, some companies might opt for changing their logistic operator. Moreover, as lease agreements approach their expiration date, landlords will be interested in maintaining their current tenants.

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