Cushman & Wakefield: Romania saw the biggest drop in new commercial centres from Central and Eastern Europe in 2009

Romania recorded the most drastic drop in new commercial centre spaces in East and Central Europe in 2009: 314,000 square meters, namely 57% less than in 2008, according to a Cushman & Wakefield hosing consultancy report indicates. Only Poland and Slovakia recoded a plus in new commercial centres spaces last year.

„In 2009, most of the Central and East European states have recorded a drop in new commercial centres, except for Poland and Slovakia, which saw an increase against 2008. Romania recorded the most drastic drop in new commercial centres spaces, -57%. On top of that, several recently opened commercial centres have been closed down or they are going through a „re-branding” process, because of retailers’ low interest”, the report goes on to show.

Romania is the 8th in 34 countries in regards to new commercial centres

The development continued to slow down in Russia as well, where nearly 1.6ml square meters of new commercial centres in 2009, in contrast with 1.6ml square meters delivered in 2008. In Romania, the figures read 313,550 square meters. This puts Romania in slot no. 8 out of 34 analysed states. The first three ranks go to Russia – approximately 1.6ml square meters, Turkey – 653,ooo sqm, and Italy, with over 633,000 sqm. The first place was taken by Turkey in 2008.

Commercial centres’ development will drop in Romania, forecasted at 128,000 sqm in 2011

According to Cushman & Wakefield officials, new commercial centres development will slow down in the years to come. They estimate around 290,000 sqm in 2010, while forecasts for 2011 read 128,000 sqm.

At a European level, last year was the year of the biggest drop in 15 years in cutting commercial spaces’ red tape: 7.4 million sqm of new commercial spaces, a 19% cut against 2008 figures. 6.1ml sqm are expected to be delivered in 2010, but 2011 is predicted to record the lowest level in seven years, namely almost 5ml sqm.

The analysis quoted above indicates that a commercial space has to make available for rent at least a gross 5,000 sqm and host over 10 retail spaces.