Modern retail inventory in Romania reaches over 3.5 mln sqm

The modern retail stock in Romania has reached 3.52 million sqm, with almost 30,000 sqm that were delivered in the first half of 2018, according to real estate consultancy firm CBRE. Shopping centers represent 59% of the total stock and retail parks account for 41%. Over half of the projects were developed between 1999 and 2008. Some 19 retail projects, out of which 13 new and 6 extensions, will be delivered by the end of 2019, totaling 367,000 sqm, according to CBRE data. These include the extension of the Iulis Mall in Timisoara under the Openville project (47,000 sqm), AFI Palace Brasov (45,000 sqm) as well as new malls in Targoviste, Satu Mare and Targu Mures. “The retail activity continues to be dynamic in 2018 too, but not at the same pace as it was in 2017. We see a growth in the regional activity, in secondary and tertiary cities. This is due to the increase of the purchasing power across the country,” said Carmen Ravon, Head of Retail Leasing of CBRE Romania. editor@romania-insider.com