Global Vision currently has under development and construction around 125,000 sq m to be delivered this year, Sorin Preda, the company’s founder and CEO announced during CEDER 2021.
The company is focusing on existing locations, but also on expansion to other cities in Romania.
“We have construction operations in four cities at this point: Constanta, Bucharest, Pitesti and Timisoara. We’re planning our expansion in 15 cities until the end of this year. We also have an approved budget for the acquisition of an additional one million sq m of land that will also involve land development operations,” Preda explained.
Global Vision is a local joint venture with Globalworth, a market leader in the office sector in Romania and Poland.
“Together we generated, over the past three years, a total investment value of more than EUR 250 million, and we plan much more than that in the coming years,” Preda said.
He believes the tenant behaviour will change a lot and that developers have to be ready to face these changes.
“There is a huge pressure on the development yield. Which means that this market has created a great competition and there are higher expectations for lower rents coming from the tenants.”
The company is planning to deploy a national distribution network for last mile delivery and to have distribution centers in each of the 15 cities it will expand.
“We made a pilot-project in Chitila. It hasn’t been designed as a city logistics product, but we have been encouraged by our leasing results with retailers eMAG and MegaImage. This is why we started a second project in Otopeni – Bucharest Airport Park – but we have in mind to deploy a national network,” Preda concluded.
