Retail rental levels remained subdued in first quarter

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.

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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