Global ViewPoint - Shopping Center Development April 2017
According to CBRE Research’s most recent Global Shopping Centre Development report, 12.5 million sq. m. of shopping center space was added globally in 2016, with most coming to market in Asia. Moreover, of the 33.5 million sq. m. of space under construction around the world as of the end of 2016, 26.6 million sq. m. was underway in Asia Pacific, with construction activity in more than 90% of the Asian cities surveyed. Overall, caution among investors and occupiers and significant market saturation in many markets globally have slowed shopping center construction. At the same time, strong competition among landlords and the increasing impact of e-commerce have led to delayed center openings, or center opening without being fully occupied.