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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