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SHOPPING CENTRE DEVELOPMENT
By Neville Moss, Head of EMEA Retail Research
Contributors: Kim Mercado, Director, Asia Pacific Research and
Americas Research –Investment Research
GLOBAL RESEARCH AND CONSULTING
OVERVIEW
An unprecedented 32 million sq m of shopping centre space is currently under construction across the world,
representing a 15% increase year-on-year. Development activity is heavily concentrated in emerging markets, most
notably China, which as home to four of the five most active markets in 2012, and half of all shopping centre space
under construction, is the most active development market in the world. Other markets experiencing substantial
expansion include Istanbul, Abu Dhabi, Bangkok, Mexico City, Hanoi, Kuala Lumpur, Moscow and St Petersburg. In
INTRODUCTION
This is the second year that CBRE has measured the level
of shopping centre development in 180 of the world’s
major cities. The survey was based on new centres of over
20,000 sq m and excluded retail warehousing and
factory outlet centres. The definition used in this analysis
is set out in full at the back of this report. The ViewPoint
provides a snapshot of the most active shopping centre
markets globally and identifies the key development
trends in these locations.
2012 WAS THE YEAR OF THE DRAGON
Unsurprisingly, given the huge amount of space under
construction at the end of 2011, China retained its
expansion include Istanbul, Abu Dhabi, Bangkok, Mexico City, Hanoi, Kuala Lumpur, Moscow and St Petersburg. In
contrast, there was little development in more mature U.S. and west European markets.
Whilst cross-border retailers continue to seek prime space, much of the new space in emerging markets is in
peripheral areas of large cities, appealing only to domestic retailers. In many cities, the mismatch between demand
and supply has led to increasingly high rents in prime areas and high vacancies elsewhere.
Ap
ril01position as the most active development market in 2012.
Four Chinese cities were in the top five in terms of new
space completed last year. Leading the way were
Chengdu (616,000 sq m in four centres) and Tianjin
(600,000 sq m in five centres) with Shenyang and Beijing
not far behind. Although Tier 2 cities such as Chengdu,
Tianjin and Shenyang already have a large number of
shopping centres, they also have very large populations,
ranging from 8-12 million, which still provide
opportunities for new development. This is also true for
the much larger Tier 1 cities, with Shanghai, Guangzhou
(in addition to Beijing) all seeing significant new
development last year. It is in the suburban areas of both
Tier 1 and Tier 2 cities, as well as the new CBDs in
smaller cities where shopping centre development is now
focused.
SHOPPING CENTRE DEVELOPMENT –
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