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Real estate: Commercial areas of at least 110,000 sq.m completed in 2017
2017 announces many inaugurations of malls and modern commercial areas in Romania, the area completed for them being estimated by real estate consultants between 110,000 an 180,000 square meters.
According to data supplied by JLL, the South African investments fund New Europe Property Investments (NEPI) will deliver the largest volume of commercial areas by the expansion of two commercial centres: Shopping Center Sibiu (11,000 sq.m) and Shopping City Galati (21,000 sq.m) and the inauguration of Ramnicu Valcea Mall (27,900 sq.m).
Bistrita Retail Park, a project of 15,000 sq.m will be commissioned. It is owned by Ionut Dumitrescu, the founder of Eurisko real estate consulting company (which was bought by CB Richard Ellis agency -CBRE).
Another retail park to be inaugurated in 2017 will be Prima Shops in Oradea with an area of 10,000 sq.m. The project is developed and owned by Oasis Retail & Development Consulting, a Sibiu developer with an experience of 14 years in the commercial centre market in Romania.
Construction works for the retail park in Oradea began in October and investments will amount to about 12 million euros.
The Israeli group AFI Europe Romania will extend AFI Palace Controceni with an area of 6,500 sq.m. According to JLL data, Florisal and Drusal companies will inaugurate next year a commercial gallery with an area of 13,000 sq.m. in the residential ensemble Platinia in Cluj Napoca.
In exchange, Colliers consulting company says the commercial area to be commissioned next year could reach 180,000 sq.m, larger than the one calculated by JLL.
According to Colliers, the volume of commercial areas commissioned in 2017 is estimated to be 180,000 sq.m by the completion of retail parks: Shopping City Satu Mare (18,000 sq.m) and Prima Shops Oradea (10,000 sq.m), and the extension of existing projects Shopping City Sibiu (16,900 sq.m) and Shopping City Galati (27,000 sq.m expansion).
In 2016, the stock of commercial areas delivered in Romania was 200,000 sq.m, a maximum level after 2009, according to Colliers International.
About half of the volume was in Bucharest where the stock of commercial centres has reached 1.16 million square metres, of which about 40% in sectors 2 and 3, the most crowded in point of malls.