Turkey tipped to lead the way for new European retail space | 13 November 2013
More than 12 million sq m of new retail space is expected to be built across Europe by the end of 2014, with Turkey reportedly leading the way for new developments.
A report by property services company DTZ has forecast that Europe’s total shopping venue stock will equal roughly 136 million sq m by the end of the next year.
This growth is largely down to a wealth of new projects already planned in Turkey. According to propertyweek.com, more than six million square feet of new retail space should be completed in the country within the next two years. France and Poland have also been tipped to play key roles in the development of new retail space.
In an interview with property-magazine.eu, DTZ head of research Magali Marton explained: “The future hot spots are … markets that are currently undersupplied and offer strong economic growth in the medium term, which will boost retail sales.
“This will benefit existing schemes and also provide considerable opportunity for new development. In this category, we have London with a couple of UK regional markets – Manchester and Birmingham, Bucharest and, at the top, Ankara and Istanbul.”
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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