People of Cushman & Wakefield Echinox
At the end of 2017, the modern retail stock outside Bucharest reached 2.42 million sq. m. Approximately 59% of the total stock is represented by shopping centers, while retail parks and commercial galleries represent 33% and 8%. Throughout 2017, almost 70,000 sq. m of retail space was delivered in the Romanian regional cities, approximately 80% from the total volume consisting of shopping centers.
For 2018, approximately 196,000 sq. m of retail space is forecasted to be completed, a volume that will increase the total stock by ~8%. The largest announced project is Openville Timisoara, with a lettable area of ~47,000 sq. m, developed by Iulius Group.
Additionally, two retail parks have been delivered throughout 2017, outside Bucharest, with a total cumulated GLA of 14,000 sq. m – B1 Retail Park in Bistrita (9,000 sq. m GLA) and Prima Shops in Oradea (5,000 sq. m GLA). Furthermore, Brasov Retail Park was extended with a surface of 4,000 sq. m GLA.
Headline rents achieved for units of 100 sq. m in prime shopping centers outside Bucharest range between € 25 – 30 / sq. m / month on average. In primary cities such as Cluj Napoca, Timisoara, Iasi or Constanta the prime headline rents are higher by 20% – 30%. For tertiary cities the prime headline rents fall between € 18 – 23 / sq. m / month.
