Modern retail stock in Bucharest reached 1.2 million sqm, says DTZ
The modern retail stock in Bucharest reached 1.2 million sqm at the end of 2016 and consists especially in shopping centres (56 per cent) and retail parks (33 per cent), while commercial galleries cover the remaining 11 per cent, according to real estate consultant DTZ Echinox.
Last year new supply reached 98,500 sqm, after the openings of Parklake Plaza and Veranda Shopping Center and the extension of Militari Shopping retail park.
The general vacancy rate stands at four per cent. While dominant shopping centres are fully occupied, projects located in third, fourth and fifth districts inflate the vacancy rate.
The average density of modern retail space reached 650 sqm / 1,000 inhabitants. First District of Bucharest, which is also the wealthiest, has the highest density, with 961 sqm / 1,000 inhabitants, but also the highest occupancy rate (99 per cent) and the highest headline rent, with 75 euro per sqm / month.
The sixth District of Bucharest continues to have the largest retail stock, with 301,800 sqm, while the third District advanced on the second position after the opening of Parklake Plaza, with 270,400 sqm.
For 2017, no major retail project is scheduled for completion, according to DTZ. The current pipeline is limited and consists of the extension of retail schemes such as AFI Palace Cotroceni and Promenada Mall. Starting 2018, however, the situation is likely to change, since currently in the northern part of the city some projects are in early stages of development.