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19. Juni 2012 
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Global shopping centre development at „all time high“
Global shopping centre development continues apace with growing middle class populations and retailer expansion leading to unprecedented levels of construction and new openings, largely in emerging markets, according to global property advisor CBRE.
CBRE measured the level of shopping centre development in 180 of the world’s major cities to identify the most active markets, both in terms of 2011 completions and space currently under construction . The research found that development activity has reached significant levels, with 29.6 million m² under construction – equivalent to all the combined existing space in France, United Kingdom (UK) and Germany – while 7.8 million m² of new space opened in 2011.
Emerging markets such as China, Turkey, and India are far more active than the more mature markets of western Europe and North America. Growing middle class populations have led to an upsurge in new development to meet demand, while the maturity of the retail sector in western Europe and North America has forced retailers from these markets to cross borders in order to grow their businesses. In 2011, new shopping centres opened in 63 (35%) of the cities covered in the survey, of which 50 were in emerging markets. In contrast, only five cites in western Europe saw the opening of a new centre last year.
Chinese cities currently dominate shopping centre construction activity. In the 180 cities analysed exactly half of all the shopping centre space under construction is in China, with Asia accounting for 70% of all schemes currently being built. Outside of China, the most active markets are Abu Dhabi, Hanoi, Kuala Lumpur (Klang Valley), New Delhi and Sao Paolo – five cities in three regions.
Neville Moss, EMEA Head of Retail Research, CBRE, commented: “It is our view that shopping centre development activity is currently at an all time high, with growing middle class populations, particularly in the BRIC markets, fuelling this demand. The shopping centre concept, once the preserve of the western world, is becoming ubiquitous. China has led the way in recent years and with huge opportunities still existing in its secondary cities, it is likely to remain the most active development market over coming years. However, the upsurge in development is also evident in Turkey, Mexico, Malaysia and Vietnam among others.
CBRE measured the level of shopping centre development in 180 of the world’s major cities to identify the most active markets, both in terms of 2011 completions and space currently under construction . The research found that development activity has reached significant levels, with 29.6 million m² under construction – equivalent to all the combined existing space in France, United Kingdom (UK) and Germany – while 7.8 million m² of new space opened in 2011.
Emerging markets such as China, Turkey, and India are far more active than the more mature markets of western Europe and North America. Growing middle class populations have led to an upsurge in new development to meet demand, while the maturity of the retail sector in western Europe and North America has forced retailers from these markets to cross borders in order to grow their businesses. In 2011, new shopping centres opened in 63 (35%) of the cities covered in the survey, of which 50 were in emerging markets. In contrast, only five cites in western Europe saw the opening of a new centre last year.
Chinese cities currently dominate shopping centre construction activity. In the 180 cities analysed exactly half of all the shopping centre space under construction is in China, with Asia accounting for 70% of all schemes currently being built. Outside of China, the most active markets are Abu Dhabi, Hanoi, Kuala Lumpur (Klang Valley), New Delhi and Sao Paolo – five cities in three regions.
Neville Moss, EMEA Head of Retail Research, CBRE, commented: “It is our view that shopping centre development activity is currently at an all time high, with growing middle class populations, particularly in the BRIC markets, fuelling this demand. The shopping centre concept, once the preserve of the western world, is becoming ubiquitous. China has led the way in recent years and with huge opportunities still existing in its secondary cities, it is likely to remain the most active development market over coming years. However, the upsurge in development is also evident in Turkey, Mexico, Malaysia and Vietnam among others.
Fotos: CBRE
