A number of Bucharest malls have been poorly designed, withalleyways of 12-15 metres wide, unusable spaces translating intothe cost of rent and ultimately in the price of products, believesRadu Lucianu, country manager of CB Richard Ellis real estateconsultancy. The eight malls and seven retail parks in Bucharestcurrently cover demand for retail space in the capital city, in thecontext where the occupancy rate is low in many projects,particularly in the southern part of the city. "I would not buildanother mall in Bucharest for the time being. The existing ones arevery big, rather empty and sell expensive products compared tostores in other European countries (...)," Lucianu says. Hebelieves real estate developers have made a lot of mistakes, asregards both the construction of shopping centres, and of officebuildings and housing projects. CB Richard Ellis is part of thegroup of the five or six biggest international consultantsdomestically, whose turnovers plummeted as a result of the overallmarket collapse. The firm posted 14m-euro turnover in 2007, itsbest year. The company's representatives have not published anyfinancial information since, but as far as the team of brokers andconsultants is concerned, the adjustment came at around 60% - from100 to 40 people.
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