Real estate: European shopping centre openings set to rise again
This year, shopping centres for an area of about 5.8 million m2 are expected to be developed in Europe. This is equivalent to a 27% rise compared to 2015, a year in which the extent of new retail area dropped by 16%.
"If we add the area planned for next year, a total of 9.1 million m2 could be developed in the 2016-17 period," stated Christian Dubois, Head of Retail Services (France) at real estate consultants Cushman & Wakefield. "The volume is undoubtedly significant, though it is far from the record levels of the second half of the 2000s. Between 2006 and 2009, nearly 8 million m2 were developed on average each year, with a peak of 8.5 million in 2008. "
The fiscal years 2016 and 2017 will be notably dominated by Russian and Turkish projects, accounting for 45% of the planned portfolio. Western Europe is set to follow, with 36% of all projects under development, lead by France, Italy and the UK.
Cushman & Wakefield lamented however a major imbalance in terms of investment. The UK and Germany will account for 45% of the amounts invested (+17%), while the latter are significantly on the wane in Italy, Spain and France. Scandinavia, Benelux, Portugal, Poland and Turkey continue instead to attract investors.
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