The Colloseum retail park in north-western Bucharest signed the contract for the construction of a second building that would extend the lettable area by 20,000 square metres (sqm) to 54,500 sqm, real estate consultancy firm Cushman & Wakefield Echinox announced.

This is going to be the largest expansion move in Bucharest within the last three years. The purchasing power rose by 20% in Bucharest over the three-year period, the consultancy firm commented.

The project will be extended with a new building with a leasable area of approximately 20,000 square meters which will be primarily occupied by retailers of fashion & beauty (45%), leisure & entertainment (30%) and food & beverages (12% ), components that will strengthen Colosseum's position on the capital’s retail market, in a period with a subdued supply of new spaces.

The project comes to serve a growing area of the city, close to the new office buildings in the Casa Presei area and a reduced offer of commercial spaces, considering that over a radius of about six kilometers around Colosseum there is no modern retail project. Moreover, the project will have the second-largest multiplex cinema in District 1 and tenth-largest in Bucharest.

editor@romania-insider.com

(photo source: Cushman & Wakefield Echinox)