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Real Estate: Romania's stock of modern retail space totals 3.5 ml sqm, of which roughly one third in Bucharest
Romania's stock of modern retail space currently stands at 3.5 ml sqm of which some 1.1 ml in Bucharest, shows a specialist study released on last Wednesday. According to data centralized by CBRE real estate consultants, the floor space intended for food facilities has considerably expanded since previous years.
There are currently 11 new retail projects underway at national level, which are due for completion in 2018 and 2019, specifically the four projects developed by NEPI with a total 74,100 sqm leasable area located in Satu Mare, Sibiu, Targu Mures and Vaslui; four projects developed by Prime Capital, with a total 59,600 sqm of leasable area located in Roman, Focsani, Slobozia and Balotesti; a project developed by AFI Europe in Brasov, with a leasable area of 45,000 sqm; a project developed by Element Development in Bistrita, with 15,000 sqm of leasable area, which is already completed; a project with a leasable area of 8,800 sqm, developed in Mioveni by Mitiska REIM.
Another 16 retail projects in Bucharest and outside the capital city totaling about 302,100 sqm are scheduled for handover this year and in 2019, according to the CBRE survey.
Five projects on the list are as follows: a 47,000 sqm facility developed by Iulius Mall in Timisoara, within the Openville business and entertainment quarter; 22,100 sqm developed by Catinvest in Craiova, in the Electroputere Park; 16,500 sqm developed by Nova Imobiliare in Bucharest's Colosseum Retail Park; 6,000 sqm developed by Prodplast Imobiliare in Bucharest, at the Veranda Shop & Stay; 8,000 sqm developed by NEPI in Ploiesti Shopping City - Ploiesti.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm in terms of 2017 revenue. The company has more than 80,000 employees (excluding affiliates) and serves real estate owners, investors and tenants through more than 450 offices (excluding affiliates) worldwide.