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.
Intersport will open a new large outlet in the recently refurbished GOBUDA Mall in Budapest in Q3 2023. The firm joins German retailer Wellensteyn and Hungarian retailer Budmil, both started to trade there in March. A new Wok'n Go restaurant will be available in the mall in the Summer.
Wolt has leased office space in Warsaw's Lumen building. As a result of the transaction, the new tenant has taken nearly 900 sqm. The office building in the centre of Warsaw is owned and managed by Globalworth Poland.
Lighting company Wojnarowscy has agreed a lease renewal for 3,870 sqm of warehouse and office space in Panattoni Park Sosnowiec II. The tenant was advised on the lease renegotiation by experts of real estate advisory firm Newmark Polska.
New appointments
CPI Property Group is expanding its retail leasing department. Dariusz Kafara has been appointed as the new Leasing Manager. At the Warsaw branch of the company, Dariusz is responsible for maintaining the maximum level of commercialisation in two retail park chains from the group's portfolio - CityMarket and STOP SHOP.
Brian Nyeng Olesen, formerly head of commercial at the Salling Group, has been appointed as the new managing director of Netto Polska. The position was previously held by Hugo Mesquita.
M Core appoints Magdalena Kowalewska as the new Chief Operating Officer at LCP Properties, Poland. This comes at the same time that Krystian Modrzejewski has accepted a post as the Group Head of Expansion for Poland, where he will be responsible for realising the opportunity for land and asset acquisition in aid of portfolio growth. LCP Properties Poland is part of the M Core group, which brings together family-owned companies that invest in and manage real estate. It comprises LCP, Proudreed, Sheet Anchor, GIPAM and Evolve Estates.
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