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Retail parks continue to expand across region

Anna Pakulniewicz 09 July 2019

Anna Pakulniewicz

Journalist

+48 22 356 25 07
anna@eurobuildcee.com

Ania covers the Baltic states’ real estate markets, architecture and urban planning in Warsaw as well as interior design. She is also the co-founder of Eurobuild TV. Among others, she has been employed by TVN CNBC, PAP Insider, WBJ (The Observer), Poland Monthly and IMM. She graduated from the Warsaw School of Economics, majoring in international relations. She has also completed postgraduate studies in macroeconomic analysis. In addition to this, she studied Lithuanian philology

CENTRAL & EASTERN EUROPE Retail park floorspace in Central & Eastern Europe came to 5.7 mln sqm at the beginning of the year with the Czech Republic, Romania and Poland accounting for 66 pct of the total retail park market in the region, according to the latest report by Cushman & Wakefield.

In 2018, 219,000 sqm of new retail space was delivered, a 17 pct increase on 2017. Development activity was strongest in Romania, where 76,000 sqm of new retail park space was delivered. Poland and the Czech Republic took second and third position respectively. In 2019/2020, around 167,000 sqm of new retail park space is expected to open – some 55 pct below 2018/2019. Poland has the largest development pipeline, accounting for 44 pct of total space scheduled for completion in 2019/2020.

The Czech Republic remains the largest retail park market in Central and Eastern Europe. In 2018, 24,000 sqm of new retail park space was completed. A total of 46,000 sqm is currently under construction and scheduled for completion in 2019/2020.

Romania currently has 1.3 mln sqm, but retail park density remains low. In 2018, 76,000 sqm of new retail park space was opened, accounting for 73 pct of all new retail supply.
Over the last two years, retail park development in Poland has accelerated. Around 74,000 sqm of new retail park space was completed in 2018, a 21 pct increase on 2017. However, new retail parks represented only 19 pct of all new space in 2018. In 2019, with 73,000 sqm scheduled to open.

In Hungary, retail park development has been limited and there have not been any new openings over the last three years.

In Slovakia, approximately 21,000 sqm of new retail park space was completed in 2018. While this is in line with 2017, the number of new schemes below 5,000 sqm is growing. In Central and Eastern Europe, around 45 pct of total stock is less than ten years old. While there has been a significant amount of development, there is still a relative under-supply of space in many areas, especially in smaller towns.

In most countries, retail park occupiers expect a fit out contribution from landlords, while ten year leases are becoming standard, with retailers commonly seeking breaks in year five or seven. Moreover, in some countries, lease lengths are decreasing from 10-15 years to 6-7 years. Retailers on retail parks are showing more flexibility around the concept and unit size, which can vary by location and market.

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