Retail rental levels continued to drop in the first quarter this year, largely due to shopping centers in decentralized areas, the declines being of up to 20%, according to a DTZ Echinox report.
“We have witnessed a moderate 10-15% decline in rents for prime retail spaces and of 15-20% in case of projects in decentralized locations, as compared with 30-50% drop in 2009 from 2007 peak level”, DTZ Echinox said in the report.
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Rental levels for premium locations in main commercial arteries in Bucharest have fallen 15% on a quarterly basis and range between €70 and €90/sqm in case of Magheru, Balcescu boulevard, followed by Calea Victoriei where the monthly rent per square meter ranges between €40 and 70 for around 100sqm spaces.
DTZ Echinox is one of the largest real estate consultants in the local market. The shareholders of the company are Mihnea Serbanescu (66.1%) Tim Wilkinson (17.25%), Cristian Ustinescu (6.66%) and Oana Iliescu, Mihaela Pana and Bogdan Sergentu each with 3.33%, according to data from Trade Registry.
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