SOFIA (Bulgaria), July 21 (SeeNews) – The fast-moving consumer goods sector was the main source of activity on the Sofia retail space market in the second quarter due to increased availability following the closures of the Carrefour and Piccadilly stores, commercial real estate consultants Forton said.
The largest supermarket opening in the second quarter was the one of Billa, which replaced Piccadilly in Sofia-based shopping mall Serdika Center, Forton, a strategic partner of Cushman&Wakefield for Bulgaria and Macedonia, said in a statement on Thursday.
The average vacancy rate in Sofia’s shopping centres remained at 8% during the April-June period, Forton said.
There were no new openings during the second quarter, with Bulgarian shopping centres’ stock remaining at 738,500 sq m, half of which concentrated in Sofia.
On the demand side, upscale brands are focused on Sofia and Plovdiv, while affordable-to-middle-class fashion and shoe retailers are looking for opportunities across the country.
Tenant activity slightly pushed up prime rents in the shopping centers to 31 euro ($36.1)/sq m in the second quarter, while high street headline levels remained stable at 46 euro/sq m.
Investor appetite for retail real estate remains high due to improving fundamentals in the occupier market, according to Forton.
($ = 0.8576 euro)