Bucharest City Report
Q1 2014 / T1 2014
R Q1
Bucharest City Report Q1 2014
COPYRIGHT JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 2
Economy/Investment
Economic Climate
After a strong 2013, in which the Romanian economy
outperformed expectations with a GDP growth of 3.5%, the
country is likely to continue its ascendant trend in 2014, when
GDP is projected to increase by 3.3%, according to EIU. In the
first three months of 2014, growth was driven not only by the
industrial sector, as was the case in the previous quarters, but
also by retail sales that increased by 8.3% y-o-y (12.3% in the
non-food category). Consequently, in January and February,
exports were up by 9.2% and imports up by 9.4% when
compared to the same period in 2013. However, the
construction sector continued to struggle mainly because of the
decrease in infrastructure works. According to the latest EIU
reports GDP growth is expected to accelerate in 2015 to 3.8%,
with all sectors of the economy having a positive contribution.
GDP Growth (%) / Cretere PIB (%)
Source/Surs: INS & EIU, April 2014
Annual average HICP inflation rate (April 2013 March 2014)
decreased to a historic low level of 2.3%. As a result, the
monetary policy rate of the National Bank of Romania reached
yet another historic low, 3.5% starting from February 2014, a
move aimed at further encouraging the credit market, which
showed positive signs since the beginning of the year, and at
supporting the current economic growth. The exchange rate
remained stable in Q1 2014, oscillating between 4.43 and 4.54
Ron for 1.
Government debt remains low at a level below 39% of GDP,
the fourth lowest in the European Union, while the targeted
government deficit for 2014 is 2.4% of GDP.
The recent events in neighbouring Ukraine have had little
impact on the Romanian economy in Q1 and we expect this will
not change in the following months, unless there will be a major
escalation of the conflict.
Investment Climate
The property investment volume recorded in Q1 2014 is
estimated at a record 337 million, higher than the total volume
in 2013. The largest transaction was the sale of the BOB and
BOC office buildings together with 446 apartments and 25 retail
spaces in an adjacent residential project - Upground Towers,
for 210 million by RREEF to Globalworth. Globalworth was
also the purchaser of Tower Center International, an office
tower in the CBD of Bucharest, for 58 million. The industrial
segment is once again starting to attract the interest of
investors. The acquisition of the 17,000 m Innovation Logistic
Park by Secure Property Development & Investment was the
first significant industrial transaction in Bucharest since the
beginning of 2011.
In Q1, transactional activity in Romania was focused on the
office sector which accounted for 80% of the total volume.
Source/Surs: JLL
The start of 2014 has consistently seen more evidence that
Romania is back on the map of foreign investors. Transaction
activity was dominated by (re)structuring tied deals, but with
several quality assets currently on the market, it is expected
that transaction volumes will grow markedly in 2014. Moreover,
a higher degree of diversity on the buy side can be expected,
which is important for the perceived exit liquidity among
investors. High investor demand is also facilitated by an
increasing appetite of banks to provide debt financing. Even if
conditions offered in Romania still reflect the perceived country
risks, the simple fact that the number of banks offering real
estate financing has increased is an important improvement
that will facilitate more liquidity.
Due to the strong economic growth and the increasing interest
shown by investors towards the Romanian market and the
advantages that it offers (significantly higher yield spread), we
have strong reason to expect that 2014 will set new
benchmarks for the post-recession domestic investment
market.
-2
-1
0
1
2
3
4
2010 2011 2012 2013 2014F 2015F
Yields /
Randamente
Office /
Birouri
Shopping
Centers /
Centre
Comerciale
Industrial /
Industrial
Q1/T1 2014 8.25% 8.25% 10.0-10.5%
Bucharest City Report Q1 2014
COPYRIGHT JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 3
Economie / Investiii
Mediul economic
Dup un an 2013 n care economia Romniei a depit
ateptrile i a nregistrat o cretere a PIB de 3,5%, se
estimeaz ca trendul ascendent pe care ara se afl s
continue i n 2014 cnd PIB se preconizeaz la un nivel
asemntor 3,3% potrivit EIU. n primele trei luni ale lui 2014,
creterea s-a datorat nu doar industriei cum a fost cazul n
trimestrele anterioare ci i comerului cu amnuntul, a crui
cifra de afaceri a crescut cu 8,3% (12,3% la vnzrile de
produse nealimentare) n perioada similar din 2013. n
consecin, n ianuarie i februarie 2014 att exporturile ct i
importurile au crescut cu 9,2% respectiv 9,4%, n comparaie
cu aceeai perioad din 2013. Totui, sectorul construciilor a
continuat s scad, n principal datorit reducerii numrului de
lucrri de infrastructur. Conform ultimelor rapoarte ale EIU
(Econ Intelligence Unit), se ateapt ca PIB-ul Romniei s
accelereze puternic la 3,8% n 2015.
Rata anual a inflaiei a atins n perioada aprilie 2013 martie
2014 un nivel sczut record 2,3%. Ca o consecin Banca
Naional a Romniei (BNR) a continuat s ajusteze rata
dobnzii de politic monetar, ce a ajuns din februarie la un
nou minim istoric de 3.5% o micare ce urmrete n
continuare ncurajarea creditrii, ce a dat deja semne pozitive
nc de la nceputul anului, dar i stimularea creterii
economice. Rata de schimb valutar a fost relativ stabil n
primul trimestru din 2014, cursul oscilnd ntre 4,45 i 4,53 Ron
pentru un Euro.
Datoria guvernamental de sub 39% din PIB a fost a patra cea
mai redus la nivelul Uniunii Europene, iar noua int de deficit
bugetar pentru 2014 este de 2,5% din PIB.
Monetary Policy Rate of NBR / Rata dobnzii de politic monetar a
BNR
Source/Surs: BNR
Mediul de investiii
Volumul tranzaciilor imobiliare nregistrat n T1 2014 este
estimat la 337 milioane de Euro, mai mare dect ntreaga
activitate din anul 2013. Cea mai mare tranzacie a fost
achiziia de ctre Globalworth a cldirilor de birouri BOB i
BOC dar i a 446 de apartamente i 25 de spaii comerciale n
proiectului rezidenial alturat, Upground Towers, pentru 210
milioane de Euro din portofoliul RREEF. Globalworth a fost de
asemenea i cumprtorul Tower Center International, un turn
de birouri in CBD-ul din Bucureti pentru suma de 58 de
milioane de Euro. Piaa spatiilor industriale ncepe s atrag
din ce n ce mai mult interesul investitorilor. Achiziia Innovation
Logistic Park de 17.000 m de ctre Secure Property
Development & Investment a fost prima tranzacie
considerabil de la nceputul anului 2011.
Volumul tranzacionat n primele 3 luni ale anului s-a axat pe
piaa de birouri ce a reprezentat 80% din ntreaga activitate.
Startul lui 2014 a artat din ce n ce mai multe dovezi c
Romnia s-a ntors ca o zon important pe harta marilor
investitori. Activitatea nregistrat a fost dominat de tranzacii
derivate din restructurri, dar, cu un numr important de cldiri
de calitate disponibile pe pia, se atept ca volumele s
creasc puternic n acest an. Mai mult, un numr mai mare i
divers de cumprtori este de ateptat, un lucru important
pentru felul in care investitorii percep lichiditatea la momentul
vnzrii Cerea poate fi alimentat de asemenea i de un apetit
din ce in ce mai crescut al bncilor pentru a oferi finanare.
Chiar dac condiiile oferite n Romnia nc reflect riscul de
ar perceput, simplul fapt c numrul de bnci ce ofer
finanri imobiliare s-a ameliorat reprezint o important
mbuntire ce va facilita o lichiditate mai crescut.
Datorit creterii economice puternice dar i interesului tot mai
acut artat de ctre investitori pentru piaa imobiliar din
Romnia si avantajele pe care aceasta le ofer (yield-uri mai
bune) avem motive ntemeiate s credem c 2014 va fi un an
de referin pentru piaa imobiliar de dup recesiune.
Annual Inflation Rate / Rata anual a inflaiei
Source/Surs: Eurostat
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
2008 2009 2010 2011 2012 2013 Q12014
0%
2%
4%
6%
8%
10%
2008 2009 2010 2011 2012 2013 Q1 2014
Bucharest City Report Q1 2014
COPYRIGHT JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 4
Office Market
Supply
Two significant office buildings were completed in Q1 2014:
Hermes Business Campus by Atenor Group and the extension
of Metropolis Center by Soravia, which together added 23,300
m2 of A class offices to the market. The modern office stock in
Bucharest is currently around 2.10 million m2. For the rest of
the year, the pipeline is estimated at roughly another 120,000
m2. Four large projects represent over 70% of the total
remaining pipeline to be delivered in 2014 (AFI Park 2, City
Offices, Green Gate and Green Court).
The most active sub-markets, considering the projects planned
for 2014 and 2015, are Floreasca Barbu Vacarescu, Center
West, Dimitrie Pompeiu and South. The Center West market
in particular is rapidly emerging as a key office location of the
city, despite its current smaller size. The area enjoys a number
of advantages such as the excellent accessibility by car and
public transport, proximity to the Polytechnic University, the
main student campuses in the city, and some of the most
densely populated residential neighbourhoods. It has mainly
attracted the attention of IT companies and the vacancy rates
here are among the lowest in the city.
The overall vacancy rate in Bucharest is estimated at 14.7%,
which represents a quarter-on-quarter increase of almost 30
basis points. This increase is due to the new supply and is
expected to continue in the next quarter, given the large office
surface planned to be delivered. Vacancy rates continue to be
uneven between the sub-markets of the city, which is reflected
in the evolution of the rental levels. While in Baneasa and
Pipera Nord vacancy is around 35%, in the Center West and
West, vacancy is below 5%.
Office Stock in Bucharest (Class A&B) and Vacancy Rate / Stoc spaii
birouri n Bucureti (clase A&B) i rata de neocupare
Source/Surs: JLL
Demand
In Q1 2014, gross take-up reached almost 61,000 m2, a similar
value to the one recorded in the same period of 2013. New
demand (including new leases, expansions and pre-leases)
accounted for 48,700 m2 of the quarterly leasing activity and
12,200 m2 were renegotiations. The largest transactions in Q1
were the pre-lease of Vodafone in Bucharest One (16,000 m2),
the relocation of Intesa Bank in ART BC 6 (3,500 m2) and the
pre-lease of Schneider Electric in Green Court (3,100 m2). By
geography, Floreasca Barbu Vacarescu was the most active
sub-market with over 43% of the total take-up, mainly due to
the preleases of Vodafone and Schneider Electric, followed by
the CBD and Center West. By industry, IT&C and Telecom
companies were the most active, together generating more
than 50% of the total leasing activity, with professional services
and manufacturing & industrial as runners-up.
Rents
Prime headline rents remained unchanged at 18.5 m2/month
during Q1 2014. Over the last quarter, incentive packages
remained consistent, with landlords usually offering both rent
free periods and fit-out contributions. Incentive packages vary
in value according to the terms of the requirements and
become especially attractive for deals larger than 2-3,000 m2.
Bucharest continues to be a tenants market, which we estimate
will characterise the office sector for the next quarter as well.
Forecast
The supply pipeline for 2015 is expected to be around 110,000
m2. Take-up is forecasted to increase from the level of the
previous years and the overall vacancy rate should start to
decrease towards the end of 2014 - beginning of 2015, after a
temporary rise next quarter. We are of the opinion that prime
rental levels will remain unchanged for the rest of 2014.
Prime Office Headline Rent Evolution / Evoluia chiriei contractuale
prime pentru spaii de birouri
Source/ Surs : JLL
00%
05%
10%
15%
20%
0.00
500.00
1000.00
1500.00
2000.00
2500.00
2008 2009 2010 2011 2012 2013 2014Q1
Thou
sand
s m
Total Stock (left) Vacancy Rate (right)
0
5
10
15
20
25
30
2008 2009 2010 2011 2012 2013 2014F
Euro
/m2 /m
onth
Bucharest City Report Q1 2014
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Piaa spaiilor de birouri
Oferta & rata de neocupare
Dou cldiri de birouri importante au fost livrate n primele tei
luni ale lui 2014, Hermes Business Campus al lui Atenor Group
i o extensie a Metropolis Center al lui Soravia, ce mpreun au
adugat o suprafa 23,300 m de spaiu clas A la oferta
total iniial. Stocul modern de spaii de birouri din Bucureti a
ajuns n prezent la 2,10 milioane m2. Pentru restul anului se
estimeaz a fi finalizai nc 120.000 m2. Patru proiecte majore
vor reprezenta 70% din ntregul stoc ce va fi finalizat n 2014
(AFI Park 2, City Office, Green Gate i Green Court).
Annual Office Completions & Pipeline (m2) /
Spaii noi de birouri finalizate anual & proiecte n construcie (m2)
Source/Surs: JLL
Cele mai active sub-piee n care vor fi livrate proiecte n 2014
i 2015 sunt Floreasca Barbu Vcrescu, Center West,
Dimitrie Pompeiu i South. Piaa Center West, n mod
particular, se dezvolt rapid n o zon cheie pentru piaa de
birouri din Bucureti n ciuda mrimii sale nc reduse. Zona se
bucur de mai multe avantaje precum o excelent
accesibilitate fie prin intermediul transportului public sau privat,
apropierea de Universitatea Politehnic, de cele mai mari
campusuri universitare din ora dar i de cele mai dens
populate cartiere rezideniale bucuretene. Zona a atras n
principal chiriai din domeniul IT, iar rata medie de neocupare
aici este una din cele mai mici din ora.
Rata medie de neocupare este estimat la 14,7%. Aceasta
reprezint o uoar cretere, de 0,3% fa de trimestrul
anterior, i se ateapt ca trendul s continue s fie ascendent
i n trimestrele urmtoare n mare parte datorit dezvoltrilor
recente i viitoare. Rata de neocupare este foarte diferit ntre
sub-piee, pornind de la sub 5% n Center West i West i
ajungnd la 35% n Bneasa i Pipera Nord, lucru ce se
reflect i n evoluia chiriilor.
Cererea
n trimestrul 1 din 2014, preluarea total de spaii de birouri a
fost de aproximativ 61.000 m2, o valoare similar cu cea
nregistrat in aceeai perioad din 2013. Cererea nou de
spaii (incluznd contractele noi, extinderile i pre-nchirierile) a
fost de peste 48.700 m2. Cele mai mari tranzacii din primele
trei luni ale anului trecut au fost pre-nchirierea Vodafone n
Bucharest One (16.000 m2), relocarea Intesa Bank n ART BC
6 (3,500 m) i pre-nchirierea Schneider Electric in Green
Court (3.100 m2). n funcie de zona geografic, Floreasca
Barbu Vcrescu a fost cea mai dinamic sub-pia cu peste
43% din totalul prelurilor, n mare parte datorit pre-
nchirierilor Vodafone i Schneider Electric, urmat de CBD i
Center West. n funcie de domeniul de activitate, companiile
din sectorul IT&C i Telecom au fost de departe cele mai
active, fiind implicate n mai mult de 50% din volumul
tranzaciilor, urmate de cele din servicii i producie i
industrial.
Chirii
Chiriile contractuale prime pentru spaii de birouri au rmas
neschimbate n trimestrul 1 din 2014, fiind cotate la 18,5
Euro/m2/lun. Stimulentele financiare au continuat s fie
consistente, proprietarii oferind att luni libere de plat a chiriei,
ct i contribuii pentru amenajarea spaiilor. Pachetele de
stimulente financiare variaz n funcie de tipul de cerere i
devin importante n special pentru suprafee mai mari de 2.000
3.000 m2. Piaa de birouri din Bucureti a continuat s fie una
dominat de chiriai, ceea ce ne ateptm s rmn valabil i
pentru urmtorul trimestru al anului 2014.
Previziuni
Oferta de noi spaii de birouri previzionate a fi finalizate n 2015
se estimeaz n jurul a 110,000 m. Ne ateptm ca preluarea
total de spaii s creasc fa de nivelul anilor anteriori iar rata
medie de neocupare s nceap s scad ctre finalul anului
2014, nceputul lui 2015, dup ce va nregistra o uoar
cretere n trimestrul urmtor. Prerea noastr este c chiriile
contractuale prime vor rmne neschimbate pe parcursul lui
2014.
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
2008 2009 2010 2011 2012 2013 2014F
Bucharest City Report Q1 2014
COPYRIGHT JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 6
Retail Market
Supply
The modern retail stock remained unchanged at 1.66 million m2
in Romania as no retail projects were inaugurated in Q1 2014.
The previous quarter (Q4 2013) was rich in supply, when
95,000 m2 were added to the market. The stock in Bucharest is
estimated at almost 890,000 m2.
Two new shopping centers are planned to be delivered by the
end of the year, both developed by the South-African
investment fund, NEPI: Vulcan Value Center (35,000 m2) in the
south-west of Bucharest and Shopping City Targu Jiu (27,000
m2) in Targu Jiu. Therefore, 2014 retail supply in Romania will
be at the lowest level since 2005.
Modern Retail Stock in Bucharest & Pipeline (m2) /
Stocul de spaii comerciale moderne n Bucureti & proiecte (m2)
Source/Surs: JLL
Demand
According to the National Institute of Statistics, after a weak
performance in 2013 (+0.4%), retail sales registered a 8.3% y-
o-y growth in Q1 2014. Non-food sales increased even more
sharply, by an impressive 12.3%. We expect this trend will
continue, supported by the strong economic growth, the revival
of the credit market and increasing consumer confidence. The
recent performance is likely to have a positive influence on
retailers expansion plans.
Given the lack of new projects, those who consider opening
new units are mainly looking at existing shopping centers with
proven good performance. The gap between demand for
prime and secondary stock continues to be significant.
International retailers are assessing the possibility of entering
the Romanian market or, taking over the local operations of
franchise partners, encouraged by the growing retail sales.
Jysk, the Danish retail chain specialized in selling furniture,
decorations and mattresses, is opening a new concept store in
April in the Coloseum Retail Gallery, after taking over their
Romanian stores, formerly operated by a franchisee.
Carrefour announced the new concept that they will introduce
in Romania, the hard discounter Superco, focus on fresh
products, with surface of 1,000 to 2,000 m2.
The Romanian DIY market has been very eventful during Q1
2014. Kingfisher rebranded two of the fifteen stores they
acquired last year into Brico Depot. The local operation of
Praktiker comprising 27 units was taken over by Turkish owned
Search Chemicals, but will continue to operate under the same
brand. Baumax announced it will exit Romania, either by selling
or by closing down their stores.
Rents
Rental levels for prime shopping centres grew to 60-70
m2/month, showing the first signs of recovery of the Bucharest
retail market. The highest rents are achieved in Baneasa
Shopping City and AFI Palace Cotroceni, which are considered
the two most dominant retail schemes in Romania. Rental
levels for prime high street units remained at 55-65 m2/month.
Prime Shopping Center Rents in CEE capitals /
Nivelul chiriei prime n centre comerciale n capitalele din CEE
Source/Surs: JLL
Forecast
The pipeline in Bucharest for 2015 is likely to increase to up to
150,000 m2, in areas that are currently lacking major shopping
centers, and to 45,000 m2 in Brasov, one of the largest cities in
the country that does not yet have a dominant retail scheme.
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
2007 2008 2009 2010 2011 2012 2013 2014F
0
20
40
60
80
100
120
Budapest Bucharest Prague Warsaw
Euro
/m2/
mon
th
Bucharest City Report Q1 2014
COPYRIGHT JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 7
Piaa spaiilor comerciale
Oferta
Stocul de spaii comerciale moderne a rmas neschimbat la
aproape 1,66 milioane de m2 n Romnia dup ce nici un
centru comercial nu a fost inaugurat n primul trimestru din
2014, dar dup un trimestru patru din 2013 bogat n livrri
atunci cnd 95.000 m2 au fost finalizai. Din acetia mai mult de
890.000 m2 se afla n Bucureti.
Dou centre comerciale sunt previzionate a fi inaugurate pn
la finalul anului, ambele dezvoltate de ctre fondul de investiii
sud-african NEPI: Vulcan Value Center (35.000 m2) n partea
de sud-vest a Bucuretiului i Shopping City Trgu Jiu (27.000
m2) n Trgu Jiu. n consecin oferta ce va fi livrat n 2014 n
Romnia va atinge cel mai sczut nivel de dup 2005.
Cererea
Conform Institutului Naional de Statistic, dup ce n 2013, a
nregistrat o cretere modest de doar 0,4%, cifra de afaceri n
comerul cu amnuntul a crescut puternic n primul trimestru
din 2014, cu 8,3% n comparaie cu aceeai perioad anul
trecut. Vnzarea produselor non-alimentare a fost ns cea
care a impresionant cu o cretere de 12,3%. Ne ateptm ca
acest trend s continue, susinut de creterea economic
puternic, resuscitarea pieei creditelor i ncrederea din ce n
ce mai mare consumatorilor. Este probabil ca performanele
recente vor avea o influen pozitiv asupra planurilor de
expansiune ale retailerilor.
Avnd n vedere numrul redus de proiecte noi, retailerii
interesai s deschid magazine noi analizeaz n special
centrele comerciale performante deja existente. Distana dintre
cererea pentru centrele comerciale prime i cele secundare
continu s fie semnificativ.
Muli retaileri internaionali evalueaz posibilitatea intrrii pe
piaa din Romnia dar i preluarea reelelor de magazine sub
franciz locale, ncurajai de creterea vnzrilor. Jysk, lanul
de retail danez, specializat n comerul cu mobila si decoraiun
i va deschide n aprilie un nou concept de magazin in
Coloseum Retail Gallery, dup ce au preluat toate francizele
din ar.
Carrefour au anunat noul concept hard discount pe care l vor
introduce n Romnia, Superco, ce se va aa pe produse
proaspete i cu suprafee de 1.000 2.000 m2.
Piaa de DIY a fost extrem de bogat n evenimente n primul
trimestru din 2014. Kingfisher a reuit s rebranduiasc dou
dintre cele 15 uniti pe care le-au achiziionat anul trecut.
Operaiunile locale Praktiker, ce constau n 27 de magazine au
fost preluate de ctre o companie cu capital turcesc, Search
Chemicals, dar vor continua s funcioneze sub acelai brand.
Baumax i-a anunat ieirea din Romnia, fie prin vnzarea
magazinelor ori prin nchiderea acestora.
Chirii
Nivelul chiriilor prime, a crescut la 60-70 Euro/m2/lun
demonstrnd primele semne ale redresrii pieei Bucuretene
de retail. Cele mai mari chirii sunt obinute n AFI Palace
Cotroceni i Bneasa Shopping City, considerate a fi centrele
comerciale dominante din Romnia.
Previziuni
Volumul livrrilor pentru 2015 va ajunge pn la 150,000 m2 n
Bucureti, n special n zonele n care nu existau centre
comerciale majore, i la 45,000 m2 n Braov, unul din cele mai
mari orae din tar fr o schem de retail dominant.
Prime Shopping Center Rent Evolution /
Evoluia chiriei prime n centrele comerciale
Source/Surs: JLL
50
60
70
80
90
100
110
120
Q42008
Q42009
Q42010
Q42011
Q42012
Q42013
Q12014
Euro
/m2/
mon
th
Min Max
Bucharest City Report Q1 2014
COPYRIGHT JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 8
Industrial Market
Supply
Two speculative industrial facilities were officially opened in Q1
2014 in Romania. In March 2014, Lear Corporation
inaugurated an automotive seating plant of 12,000 m in Solo
Industrial Park, located in Letcani, near Iasi. VGP added 7,200
m to their industrial park in Timisoara. In Q4 2013, JLL
reported the completion of a 11,000 m production unit built in
Ploiesti West Park for Coficab and of another 10,000 m
delivered by VGP in Timisoara that are now fully occupied.
Several projects are expected to be finalized by the end of the
year. In May, Bosch will inaugurate a 38,000 m automotive
electronics production facility and research center in Tetarom
III, in Jucu, near Cluj-Napoca. The Cluj County Council, owner
of the Tetarom industrial parks, has also started the
development of Tetarom IV on an 80 hectare plot in Feleacu.
Another 25,000 m are under construction in Ploiesti West
Park. TRW Automotive Holdings Corp. is planning to open a
4,000 m plant in Roman, where they will manufacture airbags
for cars. In Timisoara, VGP is planning to extend their project
by further 10,000 m.
As of Q1 2014, the modern industrial stock is estimated at
approximately 1.8 million m, with more than 1 million m in the
industrial hubs in and around Bucharest.
Prime Rents for Multi-let / Light Industrial in CEE Capitals/
Nivelul chiriei prime n spaii industriale n capitalele din CEE
Source/Surs: JLL
Demand
In Q1 2014, gross take-up in Romania totaled approximately
48,000 m. Almost half of this is net take-up, while the other
half is renegotiations and renewals. Activity was recorded in:
Bucharest, Deva, Arad and Timisoara. In the first three months
of the year, Bucharests gross take-up is estimated at almost
19,000 m, 40% of the entire demand in Q1. The largest
transaction in Q1 was the renewal of Carrefour (20,700 m) in
Deva Logistic Center.
Rents
Rents for prime distribution facilities are estimated at 3.6 to
4.0 m2/month. Rents for prime light industrial facilities are
quoted between 3.5 and 4.25 m2/month. Larger distribution
units (exceeding 20,000 m2) record rents of about 3.5
m2/month. However, incentive packages continued to be
significant, especially for large surfaces and long leases.
Forecast
The automotive sector has become the most important branch
of Romanian industry. New production facilities will continue to
open, especially in the western part of the country due to its
obvious advantages (proximity to Central and Western Europe
Romanias main export market, present and planned
highways and well prepared labour force). Due to the
forecasted increase in retail sales, we expect that 3PL
companies will soon be in search of spaces to develop.
Given the restrictive access to credit, most future industrial
developments will be built-to-suit.
Prime Industrial Rents and Yields /
Chirii spaii industriale i randamente
Source/Surs: JLL
20
30
40
50
60
70
Warsaw Prague Bucharest Budapest
Euro
/m2 /m
onth
8.0%
8.5%
9.0%
9.5%
10.0%
10.5%
11.0%
4546474849505152535455
Q42008
Q42009
Q42010
Q42011
Q42012
Q42013
Q12014
Annual rents Yields
Bucharest City Report Q1 2014
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Piaa spaiilor industriale
Oferta
Dou proiecte industriale speculative importante au fost
inaugurate oficial n trimestrul 1 din 2014 n Romnia. n martie
2014, Lear Corporation a deschis o unitate de producie de
scaune destinate industriei auto, de 12.000 de m2 n Solo
Industrial Park n Lecani, lng Iai. VGP a finalizat nc 7.200
m2 n Timioara. Jones Lang LaSalle a raportat de asemenea
finalizarea n trimestrul 4 din 2013 construciilor depozitului de
11.000 m2 dezvoltat n Ploieti West Park i depozitului de
10.000 m2 inaugurat de VGP n Timioara, ambele acum
ocupate integral.
Un numr de proiecte importante sunt n construcie i se
preconizeaz a fi finalizate pn la finalul anului. Bosch va
inaugura in mai o unitate de producie i un centru de cercetare
n Tetarom III n Jucu, lng Cluj-Napoca. Consiliul Judeean
Cluj, proprietarul parcurilor industriale Tetarom, a nceput de
asemenea lucrrile la Tetarom IV pe un teren de 80 de hectare
n Feleacu. Ali 25.000 de m2 vor fi livrai n Ploieti West Park.
TRW Automotive Holdings Corp. plnuiete sa inaugureze o
unitate de producie de airbaguri destinate autovehiculelor, de
4.000 m2 n Roman. n Timioara, VGP au planificat extinderea
proiectelor cu nc 10.000 m2.
La finalul primului trimestru din 2013, stocul de spaii industriale
moderne era estimat la aproximativ 1,8 milioane m, cu mai
mult de 1 milion din total fiind localizai n proiectele din
Bucureti i zonele nvecinate.
Industrial Take-Up Activity in Romania in 2013 /
Activitatea de nchiriere n Romnia n 2013
Source/Surs: JLL
Cererea
n primul trimestru din 2014, estimm c n Romnia s-au
nchiriat aproximativ 48.000 m2 de spaii industriale. Mai mult
de jumtate din totalul nchirierilor a fost reprezentat de cerea
nou., cu restul fiind reprezentat de renegocieri i nnoiri.
Cererea s-a concretizat n contracte semnate n Bucureti,
Deva, Arad i Timioara. n Bucureti, n aceeai perioad,
suprafaa total de spaii industriale nchiriate a fost de
aproximativ 19.000 m2, 40% din ntreaga suprafa total
nchiriat la nivel de ar. Cea mai mare tranzacie din primele
trei luni ale anului a fost nnoirea contractului Carrefour (20,700
m2) n Deva Logistic Center.
Chirii
Chiriile spaiilor de logistic prime sunt cuprinse ntre 3,6-4,0
Euro/m2/lun. Chiriile spaiilor dedicate industriei uoare sunt la
nivelul de 3,5-4,25 Euro/m2/lun. n cazul spaiilor industriale
de mari dimensiuni, de peste 20.000 m2, chiriile sunt mai mici,
n jurul a 3,5 Euro/m2/lun. Volumul stimulentelor financiare a
continuat s fi semnificativ, n special pentru suprafee mari i
durate lungi.
Previziuni
Industria automotiv ncepe s devine cel mai important sector
de activitate al industriei romneti. Noi uniti de producie vor
continua s se deschid, n special in partea de vest a rii
datorit avantajelor clare pe care le are i anume apropierea
de Europa Central si de Vest cea mai important pia de
export a Romniei, infrastructura prezent i plnuit i
disponibilitatea unei fore de munc bine pregtit. Ne
ateptm ca, datorit previziunilor extrem de pozitive ale
comerului cu amnuntul, companii de 3PL vor deveni din ce n
ce mai interesate de spaii unde se vor putea dezvolta. Datorit
accesul anevoios la credite, cele mai multe proiecte viitoare vor
fi construite doar n baza unor pre-contracte.
Modern Industrial Stock in Bucharest by Location /
Spaii industiale moderne n Bucureti dup locaie
Source/Surs: JLL
Deva; 43%
Bucharest; 39%
Arad; 13%
Timisoara; 5%
West Bucharest
North Bucharest
North-westBucharestSouth Bucharest
North-eastBucharestEast Bucharest
Bucharest City Report Q1 2014
COPYRIGHT JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 10
Market Practice
Office market
Lease length: 3-5 years
Payment terms: Rents denominated in Euro, but paid in Ron
Frequency: Monthly or quarterly in advance
Deposit: 3 months
Indexation: Annually, in general Euro CPI
Rent reviews: Optional, not yet a practice
Agency fees: 15-25% from the yearly rent, excluding any incentives offered by
landlord to tenants
Retail market (shopping centers)
Lease length: 5 years, 10-15 years for the larger anchors
Rent: fixed and/or turnover rent
Payment terms: Rents denominated in Euro but paid in Ron
Frequency: Monthly or quarterly in advance
Deposit: 3 months
Indexation: Annually, in general Euro CPI
Rent reviews: rare
Landlords fit-out contribution: available only for larger anchor tenants
Agency fees: 12-15% from the yearly rent, excluding any incentives offered by
landlord to tenants
Industrial market
Lease length: 3-5 years for logistics; 5-7 years for production facilities
Rents: industrial area plus additional handling services
Payment terms: Rents denominated in Euro but paid in Ron
Frequency: Monthly in advance
Deposit: 3 months for logistics; 6 months for production facilities
Indexation: Annually, in general Euro CPI
Rent reviews: rare
Fit-out: on tenants cost
Agency fees: 12-20% from the annual rent
Piaa spaiilor de birouri
Perioad de nchiriere: 3-5 ani
Metode de plat: chiriile exprimate n Euro, dar pltite n moneda local, Ron
Frecvena de plat: n avans, lunar sau trimestrial
Garanie: echivalentul a 3 luni de chirie
Indexare: anual, n general cu inflaia din Zona Euro
Renegocierea chiriei: opional, nu este nc o procedur comun
Comisionul de agenie: 15-25% din chiria anual (nu sunt considerate facilitile
financiare, lunile libere de chirie)
Piaa spaiilor comerciale (centre comerciale)
Perioad de nchiriere: 5 ani, 10-15 ani pentru chiriaii tip ancor
Chiria: fix i/sau chirie n funcie de cifra de afaceri
Metode de plat: chiriile exprimate n Euro, dar pltite n moneda local, Ron
Frecvena de plat: n avans, lunar sau trimestrial
Garanie: echivalentul a 3 luni de chirie
Indexare: anual, de obicei cu inflaia din Zona Euro
Renegocierea chiriei: rar
Contribuia proprietarului pentru amenajarea spaiului: acordat doar chiriailor
care ocup spaii mari
Comisionul de agenie: 12-15% din chiria anual (nu sunt considerate facilitile
financiare, lunile libere de chirie)
Piaa spaiilor logistice
Perioad de nchiriere: 3-5 ani pentru spaii logistice; 5-7 ani pentru spaii de
producie
Chiria: pentru spaiile industriale plus serviciile de manevr
Metode de plat: chiriile exprimate n Euro dar pltite n moneda local, Ron
Frecvena de plat: n avans, lunar
Garanie: echivalentul a 3 luni de chirie pentru spaii logistice; 6 luni pentru spaii de
producie
Indexare: anual, n general cu inflaia Zonei Euro
Renegocierea chiriei: rar
Contribuii pentru amenajarea spaiului: pe costul chiriailor
Comisionul de agenie: 12-20% din chiria anual
Bucharest City Report Q1 2014
COPYRIGHT JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 11
Map: Office Buildings
Bucharest City Report Q1 2014
COPYRIGHT JONES LANG LASALLE IP, INC. 2014. All Rights Reserved 12
Map: Retail Developments
Bucharest City Report Q1 2014 OnPoint reports from Jones Lang LaSalle include quarterly and annual highlights of real estate activity, performance and specialised surveys and forecasts that uncover emerging trends
www.jll.ro
COPYRIGHT JONES LANG LASALLE IP, INC. 2014. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them.
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Bucharest +40 21 302 3400
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