The new retail projects and extensions that will be delivered in Romania this year are estimated at 200,000 sqm, up from 70,000 sqm in 2017, according to an analysis by real estate consultancy firm Cushman & Wakefield Echinox.
Ten big and medium cities will have new malls or extensions to the existing projects in 2018.
However, no major project will be delivered in Bucharest this year. The capital had 1.2 million sqm of retail space at the end of last year, and an average vacancy rate of 3%, down from 4% in 2016. The low vacancy rate will put pressure on rents in Bucharest’s dominant shopping centers, which are in the position to select new tenants from waiting list.
The modern retail space outside Bucharest reached 2.42 million sqm at the end of last year.
The most active developers in terms of deliveries this year will be NEPI Rockcastle, Prime Kapital and Iulius Group.