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Insights | PROPERTY TIMES ROMANIA RETAIL 2014
PROPERTY TIMES ROMANIA RETAIL 2014
- At the end of 2014 Romania’s modern retail stock is of 2.86 million sq. m. Bucharest accounts for 32%. With no deliveries recorded in H1 2014, new supply picked up in the second half of the year, when three modern retail schemes have been completed. Compared with 2014, new supply in 2015 is forecasted to be higher with 196%
- In Romania modern retail space density per 1,000 inhabitants is of 142 sq. m and is forecasted to reach 153 sq. m by the end of 2015.
- ast year retail sales in Romania have increased by 7% y-on-y. This represents the highest increase registered in the last six years. Retail sales performance was boosted by non-food sales, which overall have increased by 10.6% y-o-y.
- Fashion retailers’ strategy for expansion was mostly focused towards projects that have recorded positive performances. For new retailers entering the market, Bucharest continues to be considered the most attractive location.
- Occupancy rate for dominant retail projects located in Bucharest and in the most important regional cities exceeds 95%.
- There were no changes regarding the prime rental level. Prime retail rent for best performing retail schemes in Bucharest continues to be of € 60 – 70 / sq. m/ month, while outside Bucharest, in dominant retail projects, prime retail rents range between € 20 – 25 /sq. m/month. In cities such as Cluj Napoca, Timisoara, Iasi or Constanta the prime headline rents are higher with 20% – 30%.
