Development activity in the retail market has been modest in the first nine months of this year, with only three small projects delivered.
In total, new commercial spaces with a cumulative area of about 31.000 sq. m were delivered until the end of September throughout the country.
Thus, the modern retail stock in Romania reached 4.04 million sq. m, reflecting an average density of 209 sq. m / 1,000 inhabitants.
Only one new retail scheme was delivered in Q3 2021, Funshop Park Roşiorii de Vede (6,500 sq. m GLA), the first retail park developed by the Polish group Scallier in Romania.
In addition, two other retail schemes were launched in H1 2021 – Sepsi Value Center, with 16,300 sq. m GLA and the first phase of Fashion House Pallady, with 8.500 sq. m GLA.
The most significant projects under construction are represented by Prahova Value Centre in Ploieşti, the extension of Colosseum Mall in Bucharest or Bârlad Value Centre in the Moldova region.
In terms of developers, Prime Kapital (in joint-venture with MAS Real Estate), Scallier and Mitiska still have the most consistent pipeline, aiming to extend their presence in Romania.
Major projects pipeline 2021
Project | Submarket | Size (sq. m) | Owner/Developer |
Prahova Value Centre | Ploiești | 20,800 | Prime Kapital – MAS REI |
Barlad Value Centre | Bârlad | 16,300 | Prime Kapital – MAS REI |
Baia Mare Shopping Park | Baia Mare | 8,400 | Mitiska Reim |
Mediaș Shopping Park extension | Mediaș | 8,000 | Mitiska Reim |