Construction sector &
construction materials in Romania
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Construction market
9 bln. € 350.000
employees
92.4 96.0 98.8
88.6 89.9 92.3 97.2 92.3
86.1 87.0 87.5 93.3 98.1 102.7
0.0 20.0 40.0 60.0 80.0 100.0 120.0
Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18
Construction output growth indices 2017 vs PY: -5.6%
Growth projection for 2018: + 8%
Non Residential market
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94.6 89.9 94.1
81.7 88.8
81.2
101.2
87.9 80.8 78.5
96.3 95.8 102.2 110.7
0 20 40 60 80 100 120
Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18
Growth indices
28%
weight
Sub-segments:
Data source: National Institute for Statistics
Offices Retail Industrial Hotels Health Education Others
Offices
Last year saw the delivery of 123,000 sqm of new modern office spaces, taking the total stock to nearly 2.3 mil. sqm. This is lower than 2016’s 230,000 sqm deliveries, though the latter coincided with the best post-crisis pace and was double the average seen in the post-crisis period.
Office leasing activity in Bucharest nearly halved in the first quarter of the 2018, though, admittedly, 1Q17 was one of the strongest quarters we have seen this cycle.
Retail
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Little over 100,000 sqm in new modern retail spaces were delivered in 2017 (versus around 240,000 sqm in the previous year), making this one of the poorest years in the post-crisis period.
Industrial market
Around half a 500.000 sqm in new modern warehouse spaces were
delivered last year, an acceleration of over 40% versus 2016, taking the grand total to 3.5 million sqm nationwide.
Despite the record-pace of deliveries, vacancy remained quite subdued
(below 5% nationwide and under 2% in the Bucharest area)
Residential market
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26%
weight
Data source: National Institute for Statistics
209.7
238.1
207.5
189.1 189.3 202.4 203.1
222.6
171.9 183.6
157.8
183.1 181.4
155.5
0 50 100 150 200 250 300
Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18
Growth indices
67
88
119
66 55 49 50 51 60 67 81 88
40 47
64 63
49 44 43 44 43 47 52 53
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Dwelling Permits vs. Completed Dwellings, '000 units Permits Completed
Urbanisation
10,022 5,221
3,851 3,691 3,256
2,696
2,049 1,868 1,649
1,218 1,175 1,140
1,033 899 895 863 774 742 710 664 648 631 586 569 529 472 436 428 427 361 353 334 289 283 275 247 206 204 130 -
1,000 2,000 3,000 4,000 5,000 6,000
Housing completions 2016
0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00
'14 '15 '16 '14 '15 '16 '14 '15 '16 '14 '15 '16 '14 '15 '16 '14 '15 '16 '14 '15 '16 '14 '15 '16 '14 '15 '16 '14 '15 '16 '14 '15 '16
IS SV CT AG PH TM CJ BV SB BUK+IF Total RO
Housing completions / 1000 inhabitants
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