ARTICLES LABELLED WITH TAG Carmen Ravon

CBRE Romania will get involved in the leasing strategy of H Știrbei Palace, a new shopping gallery for luxury brands developed by Hagag Development Europe in central Bucharest.

Romania’s retail market could top 4.5 million sqm this year considering that around 185,000 sqm of new retail projects are under various construction and planning stages, according to CBRE data.

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. 

CBRE has appointed Carmen Ravon as Head of Retail Occupiers for Central and Eastern Europe (CEE) in a bid to consolidate operations in the region.