Real Estate: C&WE: Developers resume speculative projects as industrial and logistics demand in Romania increased by 11% in H1 2026

Romania’s industrial and logistics market maintained its positive momentum in the first half of 2026, supported by a visible acceleration in leasing activity during the second quarter, despite a challenging macroeconomic environment marked by economic contraction, persistent inflation and pressure on consumer spending, according to the Romania Marketbeat Industrial Q2 2026 report published by Cushman & Wakefield Echinox. The total stock of modern industrial and logistics spaces reached 8.14 million sq. m at the end of the Q2, with approximately 4 million sq. m located in Bucharest and its surrounding areas. Moreover, the total nationwide under construction pipeline totaled 532,000 sq. m.   Completions in the second quarter were concentrated in Bucharest, where the most significant projects delivered were VGP Park Bucharest A3 (45,000 sq. m) and VGP Park Bucharest A2 (33,000 sq. m), both developed by VGP and designed for multiple occupiers.   At the same time, the largest ongoing developments confirm Bucharest’s dominant role within the Romanian industrial and logistics market. Major projects currently under construction include GARBE Park Bucharest (61,000 sq. m), CTPark Bucharest West (60,000 sq. m), WDP Park Dragomiresti (58,000 sq. m), WDP Park Stefanesti (54,000 sq. m), a new 50,000 sq. m building within CTPark Bucharest West leased to Leroy Merlin, and ELI Park Bucharest (36,000 sq. m).   Leasing activity gained momentum in Q2, when approximately 329,000 sq. m were transacted, bringing the total H1 take-up to 569,000 sq. m, an 11% increase compared with H1 2025.   New demand accounted for 58% of the total volume, highlighting occupier resilience and the market’s capacity to generate new transactions even in a more cautious economic environment. The nationwide vacancy rate increased to 6.7%, while Bucharest recorded a level of 6.3%, mainly reflecting the recent deliveries of speculative developments.   Among the largest transactions signed in the second quarter was FM Logistic’s pre-lease of 10,300 sq. m within CTPark Bucharest.   Other notable transactions included the Novaintermed lease of 6,300 sq. m in VGP Park Bucharest A3, Lift Banat’s lease of 5,900 sq. m in VGP Park Timisoara A1, and the renewal/renegotiation of Yusen Logistics’ 5,700 sq. m lease in P3 Bucharest A1.   From a regional perspective, Bucharest generated the largest share of demand, with 255,000 sq. m transacted during the second quarter and 386,000 sq. m during H1 2026, as the capital city’s modern stock reached 3.99 million sq. m. Timisoara has a total stock of 807,700 sq. m, with the leasing activity reaching 73,600 sq. m in H1, while Ploiesti, one of the most mature logistics hubs outside Bucharest, benefits from 574,500 sq. m of industrial and logistics spaces and from a very low vacancy rate of 0.8%.   Stefan Surcel, Head of Industrial Agency, Cushman & Wakefield Echinox: “The H1 results confirm that Romania’s industrial and logistics market remains one of the most dynamic segments of the commercial real estate sector. Demand continues to be supported by companies active in logistics, retail, distribution and manufacturing, while the significant under construction pipeline reflects developers’ confidence in the market’s medium-term prospects. Another positive sign is the return of speculative developments, following several years during which most new projects were launched only after securing a high level of pre-leasing. The direct consequence has been an increase in the national vacancy rate to 6.7%, from 5.4% at the end of last year. However, we consider this a healthy evolution, as it helps rebalance supply and demand while offering occupiers a broader range of options for expansion or optimization, without affecting the market’s solid fundamentals, as evidenced by the acceleration in leasing activity.” Prime headline rents increased slightly in Q2 2026, reaching €4.80/ sq. m/ month in Bucharest, while remaining largely stable across regional hubs, where rents vary between €4.30-4.65/ sq. m/ month. The upward movement reflects continued construction and financing cost pressures, as well as limited availability of modern logistics spaces in several established markets. Further rental growth is expected to remain gradual over the coming quarters.