Romania’s new retail supply hits 9-year low in 2014, says JLL Romania

Only two modern retail schemes will be delivered in Romania this year totaling 62,000 sqm, according to a recent report from JLL Romania. This is the lowest level reported since 2005, according to the real estate service firm.

The two projects to be delivered this year are Vulcan Value Center (35,000 sqm) in the

south-west of Bucharest and Shopping City Targu Jiu (27,000 sqm). Both projects are developed by South-African investment fund NEPI.

Romania’s modern retail stock presently stands at 1.66 million sqm out of which 890,000 sqm are in Bucharest. There were no new projects delivered in the first quarter. By comparison, 95,000 sqm were added to the market in Q4 2013, according to JLL.

Rental levels for prime shopping centers grew to EUR 60-70 sqm/month in Q1, marking the first signs of recovery of the Bucharest retail market, according to JLL. The highest rents are reported by Baneasa Shopping City and AFI Palace Cotroceni, Bucharest’s main retail schemes. Rental levels for prime high street units stagnate at EUR 55-65 sqm/month.

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Simona Bazavan