Retail floorspace boost in Hungary, Poland, Czech Republic
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Retail park floorspace in the CEE region totaled 3.7 million square meters as of January 1, with Poland, the Czech Republic and Hungary representing the largest retail park markets in the region, accounting for nearly 65% of total existing stock across the CEE, Cushman & Wakefield (C&W) said in a report issued today.
In 2015, a total of 129,000 square meters of new retail park space was delivered – a 51% drop on the space added in 2014. Serbia, Poland and Hungary were the most active countries, accounting for 75% of new space added, the C&W report says. Main openings included the 22,000 sqm Aviv Park Zrenjanin in Serbia, developed by Israel’s Aviv Arlon, and the 11,500 sqm Family Center in the Hungarian town of Tata, C&W noted.
The real estate firm noted that the Sunday closing regulation, which was abolished in Hungary this April after a year in effect, held back new development in the retail park sector, reflected in the limited development pipeline for 2016-2017, with no new retail parks expected to be delivered. However, going forward, C&W expects that developers will reassess opportunities in the market now the regulation has been removed.
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