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Russia will become the leader in the market size of shopping centers in Europe
11.03.2014 2885

Russia will become the leader in the market size of shopping centers in Europe

Especially for the international exhibition MIPIM, which opens today in Cannes, JLL has prepared a study of the shopping center market in Europe. Russia and Ukraine are among the leaders in terms of the volume of new construction.

According to JLL, during the 2014-2015 years in Europe, 14,1 million square meters were announced for commissioning. m of shopping centers - the amount of space equal to ninety Westfield shopping malls in London, or the current size of the mall market in Germany. The first place in the volume of new construction is occupied by Russia, where it is planned to commission 3,8 million square meters. m of retail space. In the case of the implementation of the announced plans, Russia will become the absolute leader in the market for shopping centers in Europe, ahead of the UK and France, experts say JLL.

They recall that in 2013 in Europe 5,6 million square meters were commissioned. m of retail space. In 2014, the volume of the new supply is expected to reach 7,2 million square meters. m, which will be the highest figure since 2008 of the year and by 32% will exceed the average annual rate for the period 2009 – 2013.

The bulk of the new retail space falls on the markets of Russia and Turkey: in 2013, almost 50% of shopping centers built in Europe were concentrated in these two countries.

“The next two years should become a record for the activity of retail real estate developers in Russia - the announced construction volumes exceed even pre-crisis indicators. Today, the market volume of high-quality shopping centers in the country is almost 16 million square meters. m, this is the third result in Europe after the UK (18,1 million sq. m) and France (16,3 million sq. m). If all the announced plans are implemented, Russia will come out on top in terms of the volume of operating shopping centers - the market volume will reach 19,8 million square meters. m. The declared figures can be adjusted taking into account the economic situation and the real pace of construction of facilities, "- comments the head of the department of retail space at JLL Tatiana Klyuchinskaya.

Ukraine is among the top 5 countries in terms of the volume of new construction of a shopping center in Europe - for 2014-2015 years, the commissioning of 1,4 mln sq. M. m. Provided that all the announced projects will be implemented, the market for high-quality retail space in Ukraine will more than double and the country will reach the 11 position in the European rating for the total volume of shopping centers with an 3,7 mln sq. m. m

Specially for the international exhibition MIPIM, which opens today in Cannes, JLL has prepared a study of the market for shopping centers in Europe.
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