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Growth in global shopping centre development

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Chinese cities take up the top four positions in the world for the number of shopping centres developed in 2014.

According to the latest research published by Real Estate Services firm CBRE, shopping centre space opened last year totaled 11.4 million square metres. This compares favourably with the 2013 figure of 10.6 million square metres.

Property feasibility in Asian markets continues to top the charts with an estimated 39 million square metres of shopping centre space under development at the end of last year.

CBRE's research indicates that China accounts for over 60 per cent of this development, while Russia, Turkey and India are close behind. 

Shanghai, the most populous city in China, ranks as No.1 in the world for shopping centre development. It has around four million square metre of space under construction.At the end of last year 993,000 shopping centres had already been completed in the metropolis.

The cities of Shenzhen and Chengdu are hot on the heels of Shanghai with 3.4 million and 3 million square metres in construction respectively. There are more than 20 projects in the pipeline for Chongqing and Guangzhou.

In Europe, Moscow proved to be the most active in terms of completed shopping centres in 2014, taking the ​fifth spot in global ranking behind the top four Chinese cities. It boasts the completion of Avia Park - Europe's largest mall, which offers  231,000 square metres of gross leasable area. In Turkey, eight new shopping centres were completed in Istanbul. With a single centre opening in Paris, it ranked as the most active market In Western Europe.

Abu Dhabi led the market in the Middle East. Four new centres were completed, including the Yas Mall located on Yas Island with space for 400 shops, a 20 screen cinema and 10,000 car parking spaces. 

Date Published: 15 May 2015
Category: General News

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