Romania 4th in Europe in retail space expansion
18 September 2008
Romania is ranked fourth among European countries in terms of shopping centers under construction or announced, real estate consulting company Cushman&Wakefield said in a report. However, Romania's commercial areas are currently the fewest in the region with only 0.9 million square meters space, the 'European Shopping Centres Report' said.
By the end of 2008, commercial areas announced in Romania will total 1.8 million square meters, rising in 2009 to 127 square meters per 1,000 inhabitants compared to 40.9 square meters per 1,000 inhabitants currently.
''The need for retail in the Romanian market, especially in Bucharest, is still high. Romanians spend money and foreigners have learned that,'' Cushman&Wakefield official, Razvan Gheorghe, said.
A total of 22 million square meters of shopping centres will be inaugurated in Europe by the end of 2009. Russia has the largest ratio of 3.2 million square meters, followed by Ukraine, with 2.8 million, and Spain with 1.8 million. Last year, a total 8.2 million sqm of commercial areas were inaugurated in Europe.
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