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Romania Retail expands in Romania

Retail & leisure
Over the first three months of 2022, 20,000 sqm of new retail space was handed over in Romania, according to CBRE.

This represents around 12 pct of the total expected supply for the year. Three quarters of these projects are outside the capital Bucharest. The total stock of modern retail space came to 4.02 mln sqm at the end of Q1. Although, the share of retail parks continues to grow, the largest share of the new space came with the opening of the Colosseum shopping centre (developed by Nova Imobilare) with an area of 16,500 sqm. Around 37 pct of the market is accounted for by retail parks with the remained of the space found in traditional shopping centres. Another notable opening during the period was a 3,000 sqm retail park in Băilești developed by Legabris Prest. By the end of the year a total of147,000 sqm should have been added to the market with 22 pct of the space in Bucharest. Thirteen out of the seventeen centres to be delivered this year are outside the capital. Three current projects are extensions of existing centres with the remaining 91 pct of the space being new developments. A total of 131,000 sqm of this year’s retail space supply is to be in retail parks. Three traditional shopping centres are currently under development including two extensions (Electroputere Parc in Craiova and Mall Alba in Alba Iulia). The only new traditional mall being built is AFI City in Bucharest under development by AFI Europe.

It’s important to acknowledge that there is still need for retail space as Romania registers one of the lowest vacancy rates in Europe (under 3 pct). And in this context, it is important also to note that there is more interest from investors and retailers for sustainable and zero-carbon developments and operations
Carmen Ravon, Head of Retail Occupier CBRE for CEE region

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