“The retail space market remained active in the first three months of 2012 in terms of new constructions, both in capital Bucharest and countrywide. Around 5,000 sqm of retail space were delivered in the first quarter of the year, which represents the expansion of NEPI (a South-African investment fund, e.n.) and Carrefour in Brasov,” Colliers representatives said in the press release.
Most retail space deliveries scheduled in 2012 are outside capital Bucharest, while new retail space deliveries in Bucharest are scheduled starting 2013. Also, it is estimated the construction on an additional 160,000 sqm of retail space will start in 2012, according to the press release. A total of 180,000 sqm of new retail spaces in shopping centers were delivered in 2011, including four new construction projects and an expansion.
On the segment of retail parks, the inauguration of new projects in the second half of 2011 brought an additional 98,500 sqm of rentable surface, including both the opening of new retail parks (Colosseum Bucuresti, Cora Drobeta, Botosani Shopping Center), and the expansion of galleries (European Retail Park Braila and Jupiter City Pitesti).
Overall, Romania’s retail space stock is estimated at 1.2 million sqm, of which over 420,000 sqm in Bucharest.