More retail developments talking place in 2013 | 19 April 2013
The amount of retail space under construction is much higher than last year, according to new figures.
A report by CBRE has revealed that there is 32 million sq m worth of shopping centers being built across the world, which is 15 per cent higher than in April 2012.
According to cbre.co.uk, China is largely responsible for this growth. Seven of the ten most active developments are in China, whilst there is also substantial work occurring in eastern European capitals such as Istanbul, Moscow and Kiev.
The report suggested that there was more retail space being built in these emerging markets than there was in traditional European property havens like London, Paris and Rome.
CBRE head of EMEA research Neville Moss claimed that this could become a promising trend for commercial property investors. However, in an interview with pie-mag.com, he suggested that Europe could benefit by planning more developments in the middle of these cities.
He said: “Cross-border retailers continue to seek prime space and much of the new space in emerging markets is in peripheral areas of he large cities, appealing only to local retailers. In many cities, the mismatch between demand and supply has led to increasingly high rents in prime areas and high vacancies elsewhere.”
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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