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October 5, 2022

Bucharest’s stock of modern retail space stands at 850,000 sqm

Bucharest boasts a stock of modern retail space of some 850,000 sqm, while the rest of the country has about 1.5 million sqm of such facilities, shows the Bucharest City Report Q2 2013 conducted by real estate services firm Jones Lang LaSalle. No commercial project was completed in Romania in Q2 2013. In Bucharest, the most important inauguration of a retail center was the Promenada Mall with an area of 35,000 sqm GLA, located on Calea Floreasca (center-north). The center is already pre-leased to an extent of 80 per cent, and the inauguration was announced for October 2013. In Q2 2013 the most important transaction on the retail market was the takeover of the Bricostore DIY network by British company Kingfisher, the most important European player in the field. Retailers remain cautious about the expansion of national networks, giving preference to prime commercial centres. Retailers in the segment of average prices, who are already present in most Romanian commercial centers with solid financial performance, are also assessing new projects of retail centers, but the financial terms they are willing to accept are not enough for new projects to kick off yet, shows the cited survey. Prime rents for both retail centers and street retail units are estimated to fall in the 55-65 EUR / sqm / month bracket. The highest rents are charged in AFI Palace Cotroceni (center-west) and Baneasa Shopping City (north of Bucharest).

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