3 New Shopping Malls to Open in Sofia by End 2014
Three new shopping malls will open in Sofia by the end of the year, shows an analysis of the real estate consultants Cushman & Wakefield.
In April in Sofia opened Panorama Mall and three others, with a total area of 120 000 square meters, are to be completed by the end of the year – Sofia Ring Mall, Plaza West and Mega Mall.
“Bulgaria is one of the most dynamic retail space markets in the region,” noted representatives of the strategic partner of Cushman & Wakefield in Bulgaria and Macedonia, Forton.
The retail space for rent in the shopping centers in Bulgaria is expected to increase by 19% in 2014, from the 735 000 square meters in the end of 2013.
“In 2014 the economic growth and consumption are expected to speed up, according to estimates of the government and some international financial institutions,” said Rosen Genev, manager “Retail Space” at Forton. “The retail chains are actively seeking new space and are acting as a factor in support of construction.”
The Cushman & Wakefield report expects that by the end of 2016 will be completed 9.7 M square meters retail space, 69% of which will be in Central and Eastern Europe. According to it, in 2014 and 2015 Russia will become the leader in total retail space in Europe, if all current projects there are completed.