While dominant shopping centers are fully occupied, particular projects located in districts 3, 4 and 5 inflate the vacancy rate.
District 6 of Bucharest continues to have the largest retail stock, with 301,800 sqm, while the 3rd district advanced on the second position after the opening of Parklake Plaza, with 270,400 sqm.
“In the last 18 years, since the opening of Bucuresti Mall, the capital’s retail market has suffered a radical change, as it has been constantly adapting to the new demands of retailers and consumers, and this trend will continue in the upcoming years,” said Cristi Moga, research consultant DTZ Echinox.
The average density of modern retail space reached 650 sqm/1,000 inhabitants.
District 1 of Bucharest, which is also the wealthiest, has the highest density, with 961 sqm/1,000 inhabitants, but also the highest occupancy rate (99%) and the highest headline rent, with EUR75 per sqm/month.
In 2017, AFI Palace Cotroceni shopping mall will inaugurate an extension of the project, while, in the northern part of the city, some projects are in early stages of development.
The modern retail stock in Bucharest currently consists of 15 shopping centers, 11 retail parks and six commercial galleries with approximately 2,700 stores and over 50,000 parking spaces.