Modern retail rents slash by a fifth
BUCHAREST While the volume of Bucharest’s modern retail space steadily increases, rents have declined by ten to 20 per cent between January and March 2010 against the same period of 2009, according to real estate consultants DTZ Echinox July 2010 - From the Print Edition
The steepest rent decline among spaces in malls, retail parks and shopping galleries was registered on the outskirts of Bucharest.
In 2009 the rents dropped by 30 to 50 per cent against 2007, when the first boom in modern retail development occurred in Bucharest.
The rents in the stores in central locations, such as Blvd Magheru and Blvd Balcescu, range between 70 Euro and 90 Euro per sqm, while on Calea Victoriei the rents range between 40 Euro and 70 Euro per sqm.
Another 106,500 sqm of retail space were added in the first quarter of this year to the existing space, which now reaches 1.34 million sqm.
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