CEE MARKETBEAT HOSPITALITY 2023 H2
Bucharest, November 2020: The stock of modern retail spaces in Romania has exceeded the level of 4 million square meters after the latest deliveries of shopping centers, but the market development pace will slow down in the next period, according to real estate consulting company Cushman & Wakefield Echinox.
In the last three months, two important projects have been completed: Dâmbovița Mall, the first modern shopping center in Târgoviște, developed by Prime Kapital and MAS Real Estate, as well as AFI Palace Brașov, part of a mixed project that also includes office spaces. Analysed based on its components, the shopping center has a leasable area of 45,000 sqm, while the first stage of the office project has 15,000 sqm.
As a result of these deliveries, the total stock of modern retail spaces in Romania reached 4.03 million square meters, reflecting an average density of 200 sqm / 1,000 inhabitants. The stock includes shopping centers (57% of spaces), retail parks (36%) and shopping galleries (7%).
The most important projects currently under construction and whose delivery is planned for 2021 are the expansion of the Colosseum shopping center in the northwest part of the Capital, the first phase of the Fashion House Outlet Center Pallady outlet mall developed by Liebrecht & wooD and Sepsi Value Center in Sfântu Gheorghe, these three projects totaling a leasable area of about 40,000 square meters.
Bogdan Marcu, Partner Retail Agency, Cushman & Wakefield Echinox: “The local retail market has registered many positive aspects in this complicated period and I would start with the fact that certain categories such as DIY, home appliances, sports or home & deco performed above expectations during this period. Moreover, although shopping centers have been put in a difficult situation, convenience and easily accessible projects such as retail parks or shopping galleries have achieved remarkable results. Therefore, the fact that we have reached and exceeded this barrier of 4 million square meters of modern retail spaces and that a number of projects are under construction demonstrates that there is still room for new developments and that the market offers a reasonable level of confidence to all actors involved: developers, tenants and, last but not least, customers.”
Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, with a team of over 60 professionals and collaborators offering a full range of services to investors, developers, owners and tenants.
Cushman & Wakefield, one of the global leaders in commercial real estate services, with 53,000 employees in over 60 countries and € 8.8 billion in revenue, provides asset and investment management consulting services, capital markets, leasing, properties administration, tenant representation, design and evaluation services. For more information, visit www.cwechinox.com.