Approximately 333,000 sqm of retail space in 16 projects will be delivered across Romania in 2018 and 2019, Carmen Ravon, head of retail leasing at CBRE, said at this year’s CEDER conference. The new space is mainly going up in secondary cities or is part of expansions of existing shopping centers. The total stock of modern retail space in Romania currently stands at 3.5 million sqm, of which 1.1 million sqm is located in Bucharest. Tal Roma, development manager at AFI Europe, said there is not many new opportunities in Bucharest. “This is because there is already a good offer, and mall owners are looking to expand existing schemes due to demand,” Roma said. “We have already expanded with 7,000 sqm at AFI Cotroceni. But if someone were to think about starting a mall project, buying land and stabilizing it would take about eight years. Or you are currently in a dominant position or looking for opportunities elsewhere.”
In terms of trends, Ravon explained that mall operators have had to up their game to stay ahead of market demands. In the past, food-and-beverage tenants accounted for around 5 percent of a mall’s leasable space. They now make up 20 percent. The leisure segment is also changing. In addition to cinema, bowling and ice rinks, malls are now offering escape rooms and climbing walls among other things, Ravon said.
