The modern retail spaces cover 4.73 million sq m in Romania, in June, most of it being located in the central-western area of the country, with about 1.6 million sq m (33% of the total) and in Bucharest-Ilfov area, with 1.33 million sq m (28%), according to data from reports launched by a real estate consulting company.
"The retail market was very active in the first half of the year, during which projects of over 162,000 sq m were completed nationwide. The modern retail spaces in Romania reached 4.73 million sq m mid-year, most of it being located in the central-western area of the country (16 counties in Transilvania and Banat) with about 1.6 million sq m (33% of the total) and in Bucharest-Ilfov, with 1.33 million sq m (28%)," according to the Bucharest Retail Market and Romania Retail Regional Cities reports, launched by the real estate consultancy company Cushman & Wakefield Echinox.
According to the same source, the modern retail spaces in the central-western area is 17% higher than that in Bucharest, and more than double the stock in the Moldova region (8 counties), which covers approximately 735,000 sq m.
A fourth region analyzed is the southern one (16 counties, excluding Bucharest - Ilfov), where the cumulative area of malls, retail parks and shopping galleries amounts to 1.1 million square metres.
At the national level, the density of retail spaces increased to 248 sq m/ 1,000 inhabitants, an area that is among the lowest in Europe.
At city level, the localities with the highest density of commercial spaces are Pitesti (1,510 sq m/ 1,000 inhabitants), Suceava (1,471 sq m/ 1,000 inhabitants), Deva (1,252 sq m/ 1,000 inhabitants), Sibiu (1,213 sq m/ 1,000 inhabitants), Oradea (1,123 sq m/ 1,000 inhabitants) - cities with up to 150,000 inhabitants and Timisoara (1,089 sq m/ 1,000 inhabitants) - a primary city with a population of over 250,000 inhabitants.
In the other cities with over 250,000 inhabitants this indicator varies between 522 sq m/ 1,000 inhabitants in Cluj Napoca and 914 sq m/ 1,000 inhabitants in Iasi.
In the first half of the year, new project deliveries increased by over 60% compared to the same period last year. Mall Moldova in Iasi (125,700 sq m) and the extension of the Iulius Mall in Suceava (16,500 sq m) are the most important projects delivered in this period.
Considering the projects currently in various stages of development, the development of commercial spaces maintains its sustained pace, with more than 700,000 sq m of projects to be completed by the end of the decade. The central-western area, namely Cluj-Napoca and Resita, is expected to attract about 60% of these deliveries, and the eastern area, namely Bacau and Galati, is expected to attract 16% of the projects under construction at the national level.
In the southern part of the country, scheduled deliveries are at 65,000 sq m, among the targeted cities being Tulcea and Giurgiu. In Bucharest, development activity continues to be moderate, with projects totaling 46,000 sq m under construction.
"The Romanian retail market is experiencing a period of accelerated expansion, stimulated by developers' desire to expand their portfolios and by the low density of spaces in many secondary and tertiary cities. Bucharest remains an important pole, but the central-western region has taken the lead nationally. These two areas, home to approximately 45% of the country's population and where they register among the highest net monthly earnings, accumulate over 50% of the modern retail stock. On the other hand, Moldova, which has the lowest surface of retail spaces nationally, has started to catch up with the other areas of the country, being on the map of the largest developers for future projects," said Dana Radoveneanu, head of the retail agency Cushman & Wakefield Echinox.
Comentează