While Bratislava already accommodates almost 30 shopping centres, another one is on the horizon. Macho Consulting, a company that has been devoted especially to residential projects in the past, will build Matrix Mall in the more or less industrial zone of Bratislava in the borough of Nové Mesto. The shopping centre on the corner of Magnetova and Vajnorská streets, close to the Vozovňa Nové Mesto depot, will offer retail and office space.
“Its fundamental competitive advantage will be a fast connection with the city’s ring road as well as the D1 highway,” says the developer. “Moreover, shoppers will be able to conveniently get to the mall by public transport.”
The developer believes that thanks to its locality it has the potential to become a dominant shopping complex in the heart of Vajnorská Street. This is one of the main sally roads of the capital, about 7 km long.
Based on data from the consultancy company JLL, the Bratislava region sports more than 700 square metres of retail space per 1000 capita. In Europe the standard is about 220 square metres.
Even though the density of shopping centres in the Bratislava region is almost four times greater than the average in Europe, the local retail market is not saturated, according to a retail market expert.
“In the end customers will be distributed amongst them as they mostly prefer malls in their catchment area, i.e. close to their homes or work places,” said Alexander Krajňak of the real estate agency Re/Max, as cited by the Hospodárske Noviny economic daily.
Building small shopping centres therefore makes sense.
“Matrix Mall is a smaller retail project, which will not shake either the real estate market or the competition on any significant scale,” said Krajňak.
Construction work is planned to start this autumn. Neither the date of its completion nor the amount of investment have been revealed.
The first storey of Matrix Mall will be shops, while the second will be composed of offices. It will be more than 3,200 square metres in area and could be compared in terms of size with Decathlon Pharos. Large shopping centres like Avion Shopping Park, Aupark or Eurovea have about 60,000 square metres of retail space on average.
Photo: Courtesy of Macho Consulting
Despite geopolitical uncertainty and a slow down in the economic cycle, investment in the global property market has seen a significant rise of 18 percent year-on-year to a new record high of $1.8 trillion, up from $1.5 trillion in 2017. Cushman & Wakefield, which examines global commercial real estate investment activity, assessing cities by their success at attracting capital, came to this conclusion in their latest report.
Fewer than 3,000 new apartments are available on the market of new residential buildings in Bratislava, which is the lowest figure for the past two years. As demand for new apartments is still relatively lively, prices for new units continue to grow slightly, the TASR newswire cited the real estate agency LEXXUS.
The Austrian company Soravia has opened a new retail zone in Liptovský Mikuláš in northern Slovakia, the Retail Park Liptovský Mikuláš. It is 9,000 square metres and is the first investment by the Austrian developer outside Bratislava. The investment totalling €22 million has created 100 jobs so far.
At the end of the second quarter of 2018, apartments under construction numbered 76,000 in Slovakia. This is the highest number since 1996 when the Slovak Statistics Office began to register this data. Because the figure for residential real estate under construction in the early 1990s was low, figures from the second quarter of this year are the highest since the launch of independent Slovakia in 1993, the Trend weekly reported.
Construction of a brand new bus station and the extensive reconstruction of Mlynské Nivy Street are going according to plan.
The PNK Group, an international developer of industrial and logistics real estate from Russia, has joined the European real estate market by constructing a new industrial park called PNK Park Sereď in western Slovakia. Spanning 45,000 square metres of industrial space, the park offers premises for various uses: storage, distribution centres and light industry assembly halls.
After the British carmaker Jaguar Land Lover (JLR) announced its plan to build a brand new plant in Nitra, local real estate prices skyrocketed. Now the situation seems to be calming down. This is because the central bank has tightened conditions for taking out mortgages as well as developers announcing projects for the construction of new apartments.