The most active tenants are from the fashion industry and the food sector, which still are the main development engine of retail spaces.
CBRE’s data shows, however, that while restaurant areas within large shopping centers are adapting to new consumer demands and becoming more efficient, in retail parks, food areas are becoming the main point of attraction.
The total stock of modern retail spaces in Romania reached 4.11 million sqm after the total volume of modern retail spaces increased by 22,000 sqm in the first three months of 2023, following an investment of EUR9 million in two retail parks, the data also show.
Although retail parks attract an increasing volume of investment, shopping malls continue to dominate the sector. Currently, the market is configured in a proportion of 62% of commercial centers such as malls, and only 38% of retail parks.
Approximately EUR300 million have been invested in the construction of new modern spaces, intended for shopping, malls, or retail parks, from the beginning of 2022 until the first quarter of 2023. In addition, the prospects for investors are positive, considering that the yield level rose by 0.25%, in the first quarter of 2023, compared to the same period of 2022, up to 7.5%.
At the same time, CBRE data also show that rent values for shopping centers and for locations on the main retail arteries of the cities reached an average similar to the first quarter of 2022, at EUR75/sqm/month, respectively EUR50/sqm/month for the second category.