Modern retail area reaches about 3.5 mln sqm in Romania, new projects to come

The total area of modern retail facilities in Romania reached about 3.5 million sqm, of which some 1.1 mln are in Bucharest, according to a study by real estate consultancy firm CBRE. Some 16 new retail projects will add 302,100 sqm in Bucharest and nationwide in 2018 and 2019. South-African fund NEPI Rockcastle has 4 projects under development, totalling 74,100 sqm, in Satu Mare, Sibiu, Targu Mures and Vaslui. Prime Kapital, a developer founded by former NEPI managers, has another 4 projects with a total area of 59,400 sqm, in Roman, Focsani, Slobozia and Balotesti. AFI Europe also works on a 45,000 sqm project in Brasov, Element Developemnt has one in Bistrita with 15,000 sqm and another will be delivered by Mitiska REIM in Mioveni (8,800 sqm). The rest are in the planning stage. One of the major trends in the field is the decrease in the number of projects for new commercial centers, together with the increase in the number of expansions. Developers focus mainly on expanding the food court and leisure areas of their projects, the study noted. Modern retail will exceed EUR 11 billion in Romania this year editor@romania-insider.com