CBRE has once again measured the level of shopping centre development in major cities across the world. The survey was based on 168 cities globally and focused on centres of over 20,000 sq. m. and excludes retail warehousing and factory outlet centres. The definition used in this analysis is set out in full in the […]
CBRE has once again measured the level of shopping centre development in major cities across the world. The survey was based on 168 cities globally and focused on centres of over 20,000 sq. m. and excludes retail warehousing and factory outlet centres. The definition used in this analysis is set out in full in the back of this report. The ViewPoint provides a snapshot of the most active shopping centre markets globally and identifies the key development trends in these locations.
Following latest survey of global shopping centre development, this report provides a snapshot of the world’s most active shopping centre markets and identifies the key development trends in those locations.
• Globally, 12.5 million sq. m. of shopping centre space was added in 2016, with most coming to market in Asia.
• Completions were up 11.4% on 2015 levels, despite their having slowed over the past few years.
• The Americas registered the strongest growth, with completion levels up 43.6%, fueled by construction growth in Mexico.
• The pace of development continues to slow with level of shopping centres under construction down 22%.
• At the end of 2016, 33.5 million sq. m. of space was under construction around the world. Asia Paci c’s share totalled 26.6 million sq. m., with construction activity in more than 90% of the Asian cities surveyed.
• In comparison 14% of EMEA cities have centres under construction totalling 4.49 million sq. m. and 56% of Americas cities with 2.46 million sq. m. under construction.
• Caution among investors and occupiers and significant market saturation in many markets have slowed shopping centre construction.
• Strong competition among landlords and the increasing impact of e-commerce have led to delayed centre openings, or centres opening without being fully occupied.
