TCN Worldwide Real Estate Services

The development activity on the shopping centres market has slowed lately, as a result of the delays in obtaining construction permits, but also due to a limited number of active developers and a decreasing number of opportunities to build dominant schemes across the main cities.

Only one shopping center was delivered in the first 6 months of this year, respectively the 11,000 sq m GLA gallery at the ground floor and mezzanine of Platinia residential complex in Cluj Napoca.

The modern shopping center stock has reached a total of 3,152,215 sq m GLA nationwide, corresponding to a shopping centers density of 159 sq m / 1,000 inhabitants. Most of the major cities have average densities of 250-550 sq m / 1,000 inhabitants, with only 7 cities having superior ratio (Suceava, Oradea, Deva, Constanta, Pitesti, Bacau, Arad).

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NOKIA has started in 2015 a process to consolidate its offices in Timisoara into a single location, as part of the new Bega Business Park developed by Bega Grup.

The relocation and expansion activity followed several phases during 2015-2017, reaching today a total office area of 27,000 sq m leased by NOKIA in Bega Business Park. The company becomes the largest office occupier outside Bucharest.

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The former football player Rodion Camataru continues to invest in real estate and develops today a new office building in the downtown area of Craiova. The building benefits from an excellent location, right across from the University, at the junction of A.I.Cuza Street and Carol I Boulevard - University Passage.

Universitaria building has 2,400 m2 GLA and a typical floor area of 405 m2, being developed on ground floor (commercial spaces) and 4 floors (offices), with parking underground. The construction of the building is advanced and will be completed this year.

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ACTIV Property Services mediated the lease of a retail space with an area of 1236 sqm to Kalenda, in Tudor Center Retail Park, in Târgu Mureș. Kalenda is a Romanian network of furniture shops, with stores in Târgu Mureș, Turda, Suceava and Cluj Napoca. Tudor Center Retail Park in Târgu Mureș has an area of 8266 sqm, and with the completion of this transaction, it is now leased in its entirety. The main tenants of the park are Penny Market, Pepco, Kava Store, JYSK and Kalenda.

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