In the near future, the volume of new retail space will increase in Europe, according to a report from Cushman & Wakefield. Although the construction of shopping centers in most European countries has been frozen over the past few years, growing demand from retailers is gradually restoring the work of developers.
In the first half of 2011, more than 2,1 million sq. m of new retail space were put into operation (the same amount for the same period last year). 90% of the space is for new facilities (71 shopping centers), and the remaining 10% for the expansion of existing facilities.
If all announced projects will be put into operation on time, then the total volume of commissioned retail space in 2011 will be 26% more than in the 2010 year. In 2010, 5,4 million square meters was built in Europe. m of new retail space, which is 29% less than in the 2009 year, this is the lowest input rate since the 2004 year.
As in previous periods, in the first half of 2011 the majority of centers (58%) were opened in Central and Eastern Europe, with the largest development activity being in Russia, Turkey and Poland. The largest project introduced during this period was the Marmara Forum in Istanbul, with an area of 156 thousand square meters. m. In Russia, about 400 thousand square meters were commissioned. m of retail space, which is almost 1/5 of the total European volume. Moscow accounts for 36% of new retail space, most of the projects have opened in the regions - Novosibirsk, Yaroslavl, Kazan and St. Petersburg. In Western Europe, the largest volumes of commissioned retail space were recorded in Italy and Spain.
Russia ranks first in terms of commissioned space in Europe in the first half of the 2011 year - 404 thousand square meters. m of retail space, and will remain the leader for two years - during this period it is planned to commission 2,9 mln sq. m. m of retail space.
In 2012, the input of 5,8 million square meters is expected. m of retail space throughout Europe, but this figure will largely depend on the demand of tenants and the economic situation. Russia and Turkey account for 41% of the total area to be opened in the second half of 2011 and 2012. In Russia, about 3 million square meters. m of new space is planned for opening by the end of the 2012 year, including large projects with an area of more than 100 thousand square meters. m in Krasnodar, Ufa and Samara. 800 thousand square meters are under construction in Turkey m, most of which are concentrated in Istanbul. In Western Europe, Italy and France will become the leaders in the volume of new space commissioned in the second half of the 2011 and 2012 years.
In Germany, the volume of commissioned retail space will be the lowest in the last 20 years, in the UK in the last 50 years.
The volume of investments in European commercial real estate in the first half of the 2011 of the year amounted to 19,8 billion euros, which is 4% less than in the previous 6 months, and 9% more than in the 1 half-year of the 2010 year. Retail property accounts for about 35% of investments (33% in 2010).
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