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 square meters. m of new retail space were commissioned (as much as in the same period last year). 90% of the space is allocated to new facilities (71 shopping center), and the remaining 10% to the expansion of existing facilities.
If all announced projects are put into operation on time, 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 of new retail space was built in Europe, which is 29% less than in 2009, and is the lowest input rate since 2004 of the year.
As in previous periods, in the first half of 1, most centers (2011%) 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 58 thousand square meters. In Russia, about 156 thousand square meters were commissioned. m of retail space, which is almost 400/1 of the total European volume. Moscow accounts for 5% 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 the space commissioned in Europe following the 1 half-year of the 2011 of the year - 404 thousand square meters. m of retail space, and will remain the leader for two years - during this period, 2,9 mln sq. m are planned to be commissioned. m of retail space.
In 2012, it is expected that 5,8 million square meters of retail space will be commissioned throughout Europe, but this figure will depend more on tenant demand 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 of new space are planned for opening by the end of the 2012 year, including large projects with an area of more than 100 thousand square meters 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 of the 2010 year. About 35% of investments come to commercial real estate (33% in 2010).