The stock of commercial space registered at the end of 2007 reached 43.2 sqm of gross lettable area (GLA) per 1,000 inhabitants, while last year, the GLA increased to 70.88 sqm per 1,000 inhabitants, according to the study.
According to the report, Bucharest still lacks retail stock, while cities such as Cluj-Napoca post a higher GLA rate than the capital. Openings in 2008, such as Bucharest-based commercial compounds like Liberty Center and retail complexes like West Park, will be supported by the openings planned for this year, such as AFI Cotroceni Park and Militari Shopping Center.
Among the mass market players, the most active hypermarket operators have included French firm Carrefour, which reached 21 hypermarkets, while Real consolidated a network of 18 units. Meanwhile, discounter Plus Discount attained 71 units, following 21 new openings in 2008, the CBRE study found.
The real estate consultant recently posted its global financial results for last year, which included full year revenue of USD 5.1 billion, while for Q4 of 2008, revenue was USD 1.3 billion.
The CBRE 2008 financial report also reveals a global turnover down 18 percent in the EMEA region, almost entirely due to the reduction in capital market volumes and currency fluctuations. Substantial growth was recorded in the consultancy, outsourcing and corporate services divisions, according to Mike Strong, chairman and CEO of CB Richard Ellis, EMEA.