Colliers: Sectors 2 and 3 host 40 per cent of retail stock in Bucharest
Modern retail stock in Bucharest has increased to 1.16 million sqm following the opening of Veranda Mall, according to data from real estate consultancy Colliers International. Around 40 per cent of this total space (450,000 sqm) is located in sectors 2 and 3. 2016-11-02 15:31:36
With Colliers having previously estimated that there is room for only one more large-scale shopping centre in Bucharest, it is not recommended to have a delivery in sectors 2 and 3, which are already close to saturation point.
Colliers estimate a transaction value of 3,000 to 3,300 Euro/ sqm for stable shopping malls with vacancy rate of 7-8 per cent and average rent of 21-23 Euro/ sqm/ month.
"The fierce competition in sectors 2 and 3 could reduce these values, which means a higher risk for the investors," said Raluca Buciuc, associate director valuation services and hospitality advisory services, Colliers International.
Around 210,000 sqm of new retail space are estimated to be delivered in Romania by yearend, yet the retail transactions are still to come, even though Romania has an interesting retail sector for the investmend funds, according to Colliers.
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