Openings postponed due to the state of emergency
There were no new deliveries in Q1 as a result of the Covid-19 pandemic and all the Romanian retail projects have reduced their activity in late March (with the exception of grocery stores and pharmacies). In terms of supply, developers are expected to open new schemes or extensions to existing projects totaling around 175,000 sq. m in 2020.
Increasing pressure on prime rents
The owners of the dominant shopping centers in Romania were experiencing a flourishing period before the emergence of the Covid-19 pandemic, with occupancy rates close to 100%, as most tenants reported double-digit growth rates.