Retail projects totaling more than 87,000 sqm were delivered throughout H1 2024, corresponding to a sharp increase when compared with the 30,000 sq. m new supply from the same period of 2023. This year’s evolution was mainly fueled by the second quarter completions, according to data from the Cushman & Wakefield Echinox real estate consultancy company.
Projects with a cumulative area of 78,100 sqm were delivered in Q2 2024, an impressive growth compared with the previous quarter (9,300 sqm) and also with Q2 2023 (17,000 sqm).
The new supply was dominated by the shopping center format, following the completion of Arges Mall, a 51,400 sqm shopping center developed by Prime Kapital – MAS Real Estate in Pitesti and the 2nd phase of Fashion House Pallady in Bucharest (5,700 sqm) by Liebrecht & WooD.
Moreover, two retail parks were also delivered, namely Aurora Retail Park in Giurgiu and OK Shopping Center in Bistrita, totaling 21,000 sqm GLA.
The modern retail stock in Romania was of 4.54 million sqm at the end of H1, out of which 55 percent consisted of shopping centers, while retail parks and commercial galleries accounted for the other 45 percent.
The pipeline for H2 2024 is also robust, as projects cumulating around 155,000 sqm are due to be delivered by the end of the year.
Dana Radoveneanu, Head of Retail Agency: “Romania remains an important retail destination in Central and Eastern Europe (CEE), as developers continue to invest in new projects to support the retailers’ expansion plans. Whether there are retail parks, built mainly in smaller cities or shopping centers located in regional hubs, the retail sector is highly dynamic, in a context where Romania was the second most important beneficiary of such investments in CEE across H1, after Poland”.
360,000 sqm of retail spaces were delivered in CEE during H1, with retail parks having a share of almost 80 percent (274,000 sqm). Only 85,000 sqm of shopping centers were completed in the region during this period, with Romania being dominant in this regard (60 percent share).