The retail industry attracted 21% of the total investment volume recorded in the first half of 2023, which was 7% higher than the same period last year, according to data from CBRE. At the same time, the segment accounted for around €39 million of new investments.
The total stock of modern retail spaces in Romania reached 4.11 million sqm in the first quarter of 2023 following the delivery of two new retail parks with a combined leasable area of 22,000, according to a report by CBRE.
With 17 new brands entering the Romanian market in 2022 and the opening of 11 new retail parks, the total stock of retail projects came close to 4.1 million sqm. On this backdrop, new opportunities appear in the market for developers as the available commercial spaces are mostly rented and the vacancy rate is 3% in malls and even lower in retail parks, according to CBRE.
Romania is an attractive market for international retail companies which are interested in leasing large areas, often above 1,500-2,000 sqm, according to a report by real estate consultancy CBRE. Bucharest is the leading city with 66,222 sqm of retail spaces under development, followed byu Craiova, Timișoara and Iași.
Romania’s modern retail stock reached 4.02 million sqm at the end of the first quarter, with the new supply expanding by 19,500 sqm, according to a report by real estate consultancy CBRE.
iO Partners Serbia concluded its first office deal when Office Me, a coworking space, leased 1,100 sqm of office space in the Artklasa building in Belgrade.
With the support of Coreside Savills, video game development company Nordeus has decided to renew its lease for 6,100 square meters of office space within Green Heart Business Park, located in Belgrade.
Natura Bakery will lease almost 200 sqm of space on the ground floor of Poznan's Nowy Rynek E office building, developed by Skanska. The premises are scheduled to open in spring 2024.
New appointments
As of December 2023, Dorota Lachowska has joined the market research team at Knight Frank Poland as director of the department.
MLP Group is strengthening its sales team in Poland with the appointment of Przemysław Fijałkowski as Leasing Manager responsible for the lease of space in projects located in southern Poland.
Axi Immo is developing its Capital Markets Department. As of November 2023, Jakub Grabara was appointed as Associate Director in the Capital Markets Department. He will be responsible for transactional services, i.e., acquiring, purchasing, and selling commercial real estate.
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