The market of industrial spaces in the west of Romania, respectively in the counties of Timiș, Arad and Bihor, continues to attract the attention of investors, after doubling its volume in the last ten years, ranking second after Bucharest. CBRE, leader of the real estate consultancy market, recently advised the pan-European developer VGP on the acquisition of a 39-ha land plot in Arad.
The transaction mediated by CBRE Romania, with a double-digit value, is the largest land acquisition in the west of the country this year.
“Romania has yet a lot to offer in terms of logistics developments. The acquisition of a new land plot in the west of the country with direct access to the A1 highway, started before the COVID-19 pandemic and successfully concluded, reaffirms VGP’s commitment to become a reliable partner in Romania for companies who demand first-class industrial spaces. We are planning to develop 60,000 sq m of industrial spaces next year in Romania, in addition to the 155,000 sq m which we already own. Furthermore, we are actively searching prospective new lands, similar to this acquisition, which was concluded through CBRE team”, stated Adrian Crizbăşianu, country manager, VGP Romania.
The land plot purchased by VGP is strategically located at the junction of two of the main roads in Arad area, National Road 69 Timișoara-Arad, respectively A1 highway, ensuring utmost visibility and easy access to the project. The real estate already benefits from the Zonal Urban Plan and the related Local Norms of Urbanism (PUZ) approved for the targeted use with an occupancy rate of 60 percent and construction works for the first building will start this year, the delivery being planned in the second half of the following year.
“Additional to the development of the western area as a logistics hub, the land plots in Timiș, Arad and Bihor generate a high interest from developers, and we expect this appetite to increase. Arad is shaping up as a new destination, following Timișoara, already holding a stock of over 100,000 sq m of industrial spaces, with a vacancy rate of less than 3 percent”, explained Ion Dinu, Senior Consultant in the Land Development department, CBRE Romania, the consultant who advised VGP on the transaction.
Almost 77,000 sq m of industrial premises have been rented in western Romania in the last 15 months, the area capturing the attention of courier companies, and of those in the distribution and production field. The existing stock of 700,000 sq m has a vacancy rate of 5.2 percent, while 75,000 sq m of industrial spaces are under construction in Timiș, Arad and Bihor counties and will be delivered by the end of the year, according to CBRE Research data.