After a number of large-scale malls were delivered to the European market in H2 2014, Russia has now broken France’s 43-year reign as Europe’s largest shopping centre market.
After a number of large-scale malls were delivered to the European market in H2 2014, Russia has now broken France’s 43-year reign as Europe’s largest shopping centre market – according to new research from global real estate adviser Cushman & Wakefield.
Accounting for more than half of all shopping centre space added to the market in H2 2014, Russia’s total shopping centre stock climbed to more than 17.7 million sq m as at the end of last year, overtaking France’s 17.66 million sq m GLA. The UK follows behind as Europe’s third largest market with 17.1 million sq m. Poland is on the 7th place on the list of Europe’s largest shopping centre markets.
According to Cushman & Wakefield’s latest European Shopping Centre Development report, total shopping centre floorspace across Europe totalled 152.3 million sqm as of 1 January 2015, recording a 3.3 percent year-on-year increase. While Western Europe currently accounts for 69 percent of total built space, development activity in Central and Eastern Europe (CEE) surged ahead in H2 2014, with 2.2 million sqm of space delivered to the market compared to 981,000 sqm in Western Europe over the same period.
Nurullah KIRMACI / emlakcoulisse.com