Global shopping centre development continues to grow, with exceptional levels of construction and new openings taking place.
A total of 11.4 million sq. m. of new space opened in 2014 in the 171 cities in our survey, compared with 10.6 million sq. m. in 2013. A further 39 million sq. m. is under construction, with nine out of the top 10 most active cities globally located in China. Emerging markets such as Istanbul, Bangkok, Moscow, Abu Dhabi and Kuala Lumpur are also highly active.
The factors driving the pipeline of new space remain unchanged: a growing middle class population in emerging markets, the urbanisation of large cities, and a lack of high quality retail space of the type demanded by cross border retailers. However, a slowdown in delivery of some of these projects, particularly in China, India and Russia, is expected.
However, whilst up globally, shopping centre construction in the mature markets of Western Europe and the United States remains at a historic low.