Companies leased nearly 550,000 sqm of logistics and industrial spaces in the first half of the year, with over one-third of this volume related to pre-lease agreements, mainly in projects set to be delivered in 2024.
There has been a slowdown of the development pace as the leading players in the market adopted a more cautious approach in the current macroeconomic context, an approach which will put pressure on rental levels in the coming months, according to data from real estate consultancy company Cushman & Wakefield Echinox.
”The leasing activity on the logistics and industrial market has been effervescent throughout H1, and we may once again see a total annual take-up of over 1 million sqm in 2023,” according to Rodica Târcavu, Partner Industrial Agency Cushman & Wakefield Echinox.
The leasing activity on the industrial and logistics property market registered another strong quarter in Q2 2023, with a gross take-up of over 215,000 sqm, bringing the transactional volume for the first half of the year at 547,000 sqm, corresponding to a slight growth when compared with H1 2022.
The new demand continues to be the main driver of the leasing market, with a share of 90% out of the Q2 2023 gross take-up and 72% overall in H1 2023, a demand which is coming from various sectors, among the most active being retail, distribution of general goods, automotive and logistics.
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