Growth in shopping centre developments across Europe | 7 August 2012
European shopping centre development is expected to increase by 25 per cent this year, according to a new report.
The CBRE’s Shopping Centre Stock in Europe report has indicated that around 1.5 million square metres worth of new shopping centres have opened this year, with an additional three million square metres in the pipeline.
Turkey is the most active market for shopping centres, with a third of shopping centres created in Europe being built there. Germany, Italy and Poland were other countries with active development.
Commenting on the figures, CBRE’s head of EMEA retail research, Neville Moss, pointed out that there are currently only a few countries with high levels of commercial property development occurring.
He explained: “A highly active shopping centre development market in Turkey, Poland and Russia is enabling retailers to grow store networks there, but elsewhere the number of new centres is more modest, providing fewer opportunities for expanding retailers.
“Crucially, very little of the new space addresses the lack of prime units in major city centres – the most sought after locations by retailers – and consequently some are finding it difficult to achieve their store expansion plans.”
Wsj.com reports that Unibail-Rodamco remains responsible for a huge proportion of Europe’s shopping malls. The property giant now has 27.5 billion euros worth of buildings across Europe and recently reported a four per cent growth in half-year earnings.
Written by Joe Elvin on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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