The industrial sector is in a favorable moment, and 2023 was a successful year for P3 Romania, being marked by significant transactions, contract renewals and expansions, as well as attracting a new customer segment atypical for the Bucharest area, namely the light industry. For 2024, the focus remains on energy efficiency, as more and more customers are looking for green solutions and optimization of operational costs.
P3 Romania closed 2023 with transactions of 150,000 sq.m from long-term partnerships, and another 20,000 sq.m from short-term partnerships. There is a sustained interest from the retail, logistics and distribution industries, which have chosen to consolidate their industrial centers and activity within the P3 logistics park. Overall, various other industries showed interest in logistics space, thus reflecting a generally positive climate and a diversification of market demand during the year.
”Compared to the same period last year, we have completed more transactions in P3 Bucharest A1, and this is a clear proof of the stability of the demand for industrial and logistics spaces, even in the economic context characterized by inflation, price increases in the field of construction and high interest rates”, said Cristina Pop, Head of Asset Management P3 Romania.
The company has a complex portfolio of clients, a mix of companies from fields such as retail, logistics & pharma distribution, production and others.
In the perspective of 2024, the main focus is on the management of existing assets, both in terms of occupancy and in the direction of optimizing operational costs, as well as diversifying the customer portfolio.
In 2023, P3 concluded a transaction of more than 43,000 sq.m in the retail sector, and for 2024 the continuation of logistics developments is expected, even if not at the same pace. ”The last few years have been characterized by an atypical period, in which the big retailers have consolidated their positions, turning Romania into a regional hub for international retailers. For the next 2-3 years growth is expected, but not in such an active or extensive way as in the recent period. This is due, in part, to European and global influencing factors, including the inflation rate and supply and demand dynamics in the industrial space sector. As owners, we adopt a more cautious attitude, avoiding speculative constructions. Romania continues to benefit from a remarkable potential from a strategic point of view, through its strategic geographical position, with access to the Black Sea and the Port of Constanța, the skilled workforce and the intellectual capacities of the Romanians or the existence of ample land for the development of industrial spaces.”
Rail transport, strategic option at European level
Rail transport is starting to be a strategic option at the European level and, automatically, also imposed on Romania. The existence of the railway terminal within P3 park constitutes an essential competitive advantage and added value for tenants. Together with the railway partner – exclusive operator, almost two million euros were invested in the park.
Private railway and rail terminal within the park, CFR passenger station, 50MW high voltage station, smart metering systems, PV Panels, hostel, canteen and complex destination spaces from ambient storage to controlled temperature constitutes a versatile framework for retail, logistics and industrial activities.
Focus on energy efficiency
The emphasis on sustainability and energy efficiency concerns is evident in tenant demands. More and more customers are showing interest in more environmentally friendly buildings and are also asking for green energy options.
P3 has a well-defined strategy on the ESG side, all the buildings of the park are already BREEAM Very Good certified, P3 Bucharest A1 being, moreover, the only institutional industrial park with smart metering on the electricity side, including solar panels for domestic water and photovoltaic panels on a building within the park.
Within the investment plan of P3 Romania, green energy remains an essential component, as it is understood that energy efficiency not only brings long-term cost savings, but also represents an important competitive advantage for developers. Thus, all P3 buildings have 100% LED lighting solutions. At the same time, as part of the ESG strategy, but also to optimize operational costs, wall-mounted central units dedicated to office areas were installed. The park has sockets for charging electric cars, both small cars and SUVs.
