EnglishThe rent for commercial space in downtown Bucharest is stabilizing, while the rent for semi-central commercial space is decreasing as availability is increasing. According to Oana Iliescu, a Commercial Department Manager with DTZ Echinox, street-front commercial space is stagnating, following a 15% year-on-year increase in the first half of 2008. The stabilization took place in the second half of 2008, as the international economic crisis started to bear effect in Romania, too, a DTZ Echinox press release indicates.
The central area remains the most expensive part of Bucharest as rent varied between 120 and 150 EUR/ sq.m./ month in 2008. "The rent for the interesting street-front spaces should remain constant in the first half of 2009. The semi-central areas, with low pedestrian traffic, should become more available and therefore cheaper," Iliescu added.
However, the semi-central commercial space with intense pedestrian traffic is still in demand. Nevertheless, the owners" flexibility to negotiate the rent still plays a major part in concluding the deal. The rent for such spaces in Bucharest varies between 25 and 45 EUR/ sq.m./ month. DTZ Echinox however noted that retailers tend to leave street-front commercial spaces in the residential areas and move to malls.
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