The modern retail stock in Romania, formed of commercial centers, retail parks and commercial galleries with a rentable surface area of minimum 5,000 square meters, will exceed 4 million square meters, until the end of this year, shows the data of the Bucharest Retail Market and Retail Regional Cities' report, drawn up by Cushman & Wakefield Echinox.
Presently, this real estate stock has reached the level of 3.96 million square meters.
According to the specialty analysis, which quotes the data published recently by the National Statistics Institute (INS), with a stock of 1.25 million square meters, formed of 32 projects with an average rentable surface area of 39,000 square meters, Bucharest is the largest market, serving a population of nearly 2.6 million inhabitants of the Bucharest - Ilfov region.
At the comparative level, the retail stock in Bucharest is comparable in dimensions with that of the Center - West region of the country (1.33 million square meters) and twice as large as that in the East - Moldavia region (595,000 square meters). Furthermore, the most developed markets from the point of view of the stock of modern commercial space are: western Timisoara (254,000 square meters), southeastern Constanta (211,000 square meters) and northwestern Oradea (199,000 square meters).
"The first half of 2020 was the most difficult in the 20 year history of the local modern retail market, given that authorities decided at the end of March to suspend the activity for all stores considered non-essential which are conducting their activity in commercial centers, as a measure of prevention to stop the spread of the COVID-19 pandemic. Starting with June 15, commercial activity was resumed, still being restricted in cinemas and food court areas. In this context, the developers have postponed the program of openings of new commercial centers, the most important inaugurations in the first part of the year being represented by the commercial center Shopping City Targu Mures by NEPI Rockcastle, as well as the retail park NEST Miercurea Ciuc developed by RC Invest. In the second half of the year, the most important openings are expected in Brasov, where AFI Europe will open the third commercial center of the company on the local market, but also in Targoviste, where Prime Kapital will open the first commercial center in the city," mention the real estate consultants.
In what regards Bucharest, the first new commercial spaces are expected in 2021, when the expansion of the Colosseum commercial center in the north-west of city will be inaugurated, while Belgian group Liebrecht & wooD will open the first stage of Fashion House Cernica Village (southeast), the second outlet center in Bucharest and the country.
Cushman & Wakefield Echinox is a top real estate consultancy company in the local market, active in all segments of the real-estate market and is the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently.
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