"For these centres, the owners had no reaction facing crises, completion, request or their reactions came too late. Moreover, these centres have small areas, up to 10,000 sq, m, which makes them hard to manage. Nearly 30-35 pct. of the stock is included in this category, and probably 10-15 pct. will change their destination as they are situated in areas not attractive to clients and retailers or the concept is wrongly chosen. There are also in Bucharest 1-2 projects of this kind which could be reconverted in a different type of spaces", said Brigitte Schmitt, managing partner of Oasis Shopping Center Services, the commercial and technical management division for retail sector of the real estate developer Oasis.
Both in Bucharest and the country there are commercial centres already closed, and the spaces were given a different destination, such as City Mall (reconverted to offices), Armonia Arad (reconverted to logistics facilities) or part of Plaza Romania, to be reconverted to offices, Mediafax writes.
According to Immpuls Real Estate Solutions, nearly a third of the commercial cnetres in Romania, with an area exceeding 500,000 sq. m would need investments of nearly EUR 200 million in refurbishment and tenants mix improvement. (Source: dailybusiness.ro)
