The most important projects currently under construction and whose delivery is planned for 2021 are the expansion of the Colosseum shopping center in the northwest of Bucharest, the first phase of the Fashion House Pallady outlet shopping center developed by Liebrecht & wooD, and Sepsi Value Center in Sfantu Gheorghe. These projects total a lettable area of approximately 40,000 sqm.
In 2020, three new malls were delivered in Brasov, Targu Mures and Targoviste. The main deliveries were the retail component of the mixed project developed by AFI Europe in Brasov, with a lettable area of 45,000 sqm, Shopping City Targu Mures (40,000 sqm lettable) developed by NEPI Rockastle, and Dambovita Mall, the first modern retail project in Targoviste developed by MAS Real Estate and Prime Kapital, with a lettable area of approximately 33,000 sqm.
“Having some important projects finalized in 2020 that complete the retail offer in certain regional cities shows that the main players still have an appetite for new developments in Romania, despite the current pandemic context that has affected revenue predictability and sustainability,” said Bogdan Marcu, partner, retail agency, Cushman & Wakefield Echinox.
In total, new commercial spaces with a cumulative area of about 126,000 sqm were delivered in 2020 throughout the country and modern retail stock in Romania reached 4.04 million square meters, reflecting an average density of 209 sqm/1,000 inhabitants. The stock includes both shopping centers (57% of spaces), retail parks (36%) and shopping galleries (7%).