Bucharest ranks 45th among the world’s 54 cities where developers are building retail centers totaling more than 100,000 sqm, according to data released by CBRE Romania.
The largest shopping centers under construction in Bucharest are Mega Mall (75,000 sqm) and Parklake (70,000 sqm).
Also, over 267,000 sqm of retail space are under construction on the Romanian market. The projects are to be delivered between 2014 and 2016 in Bucharest, Brasov and Targu Jiu.
CBRE data show that over 39 million sqm of retail centers are under construction worldwide, higher by 3 million sqm compared to 2012. Over half of these spaces are located in China. The city of Shanghai places first, with 3.3 million sqm of space under construction, higher than the overall combined area in 86 European cities, excluding the cities in Russia and Turkey. The top ten also includes Istanbul, Wuhan, Moscow, Beijing, Nanjing and Guangzhou.
As regards Europa, real estate developments in cities in Russia and Turkey continue to hold the top spot in terms of retail space under construction. Europe’s most active market is Istanbul with 27 retail centers (1.9 million sqm) under construction.
Moscow is leader of real estate developments in Russia, with 1.5 million sqm of retail space under construction, which will be delivered in the next three years. Other cities in Russia, such as Sankt Petersburg, Ekaterinburg, Samara and Novosibirsk, boast over 2.6 million sqm of retail space under construction.