The modern retail spaces stock from the biggest 23 cities of Romania, with a population of over 90,000 citizen each, will increase in the next three years by approximately 500,000 sqm, with most of the development set to be recorded in Bucharest and cities from the central and western part of Romania such as Brasov, Sibiu and Timisoara, according to an analysis of Cushman & Wakefield Echinox, the real estate consultancy.
As a part of these cities are already covered with modern retail spaces, compared with the current purchasing power, the new developments are announced only in 12 of the analyzed cities, part of them having a density of modern commercial spaces per capita under the average of big cities.
Those 23 cities currently have a retail stock close to 3.4 million sqm for a population of 6.3 million citizens, corresponding to an average density of 534 sqm/1,000 citizens. By completing the announced projects, the average density will grow by 15 percent up to 614 sqm/1,000 citizens.
Bogdan Marcu, partner, Retail Agency C&W Echinox, said: “The market is dynamic, the majority of retailers register sales growths of two digits and the consumption peaks are visible most often in big cities.”
The cities with the highest level of planned retail spaces are in Bucharest (122,000 sqm) and Timisoara (78,000 sqm), followed by Brasov (58,000 sqm), Sibiu (53,000 sqm) and Targu Mures (50,000 sqm), according to CW Eqinox Research.
The highest stock percentage and density growth was registered in Ramnicu Valcea (187 percent), followed by Satu Mare (87 percent), Sibiu (67 percent), Targu Mures (58 percent) and Brasov (43 percent).
Join Real Estate developers and experts at the 4th edition of Foreign Investors Summit and discover the latest forecasts and trends as well as new market entries and areas of interest.
The post C&W Echinox: Retail stock in Romania’s big cities to expand by 500,000 sqm until 2020 appeared first on Business Review.
