Shopping centers: openings accelerated in 2014
Shopping center openings last year totaled 123 million square feet worldwide as compared to 114 million one year earlier. The rise brings total mall retail space to 420 billion square feet.
"The factors driving the development pipeline of new space remain largely unchanged compared to last year," said CBRE, which published the figures. "This includes a growing middle class population in emerging markets, the urbanization of large cities and a lack of high quality retail space required by cross-border retailers. Hence, new construction is dominated by Asia and in particular China."
In 2014, China accounted for 60% of projects, especially thanks to Shanghai (44.1 million ft²), Shenzen (36.6 million ft²), Chengdu (32.3 million m²), as well as Chongqing and Guangzhou. But, like number two, India, China may see a decline in the number of projects due to "increasing financial pressures on landlords."
Then there’s Russia - Moscow proving to be one of the year’s most active cities in terms of openings - and Turkey - Istanbul having last year seen the launch of no fewer than eight shopping centers.
Europe accounted for 20% of the year’s total, with Paris dominating West Europe, ahead of the Middle East, driven by huge launches in Abu Dhabi.
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