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Survey: Half of world's shopping center projects are in China
By Cherry Cao |
June 20, 2012, Wednesday
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Online Edition
Online Edition
GROWING middle-class populations and a fast-expanding retail sector fueled a boom in shopping center construction worldwide with China seeing half of the construction activities, according to an industry report released today.
About 29.6 million square meters of shopping centers are currently under construction around the world, equivalent to the combined total in France, Britain and Germany, CB Richard Ellis, the world's largest commercial real estate services provider by revenue, said after tracking 180 major cities around the world. Last year, 7.8 million square meters of new shopping centers were opened in those cities, CBRE data showed.
"Due to the rapid increase of middle-class populations around the world, shopping center developments are on the rise to satisfy growing consumer demand," said Sebastian Skiff, executive director of CBRE Retail in Asia. "With construction activities expanding rapidly not only in Beijing and Shanghai but also deeper into the highly populated provincial capitals, China is topping the charts for development growth."
Emerging markets such as China, Turkey and India are far more active than more mature markets of Western Europe and North America, concluded CBRE, which took into account both 2011 completions and space currently under construction.
In 2011, new shopping centers opened in 63 of the surveyed cities and 50 of them were in emerging markets. Asia accounts for 70 percent of all schemes currently being built.
Outside China, the most active markets are Abu Dhabi, Hanoi, Kuala Lumpur (Klang Valley), New Delhi and Sao Paolo, according to the CBRE report.
Retailers have shifted their focus to exploring new markets and new opportunities in which they are able to grow their business and carry out cross-border expansion initiatives and that has contributed to the escalation of high-quality retail space in emerging markets, Skiff added.
About 29.6 million square meters of shopping centers are currently under construction around the world, equivalent to the combined total in France, Britain and Germany, CB Richard Ellis, the world's largest commercial real estate services provider by revenue, said after tracking 180 major cities around the world. Last year, 7.8 million square meters of new shopping centers were opened in those cities, CBRE data showed.
"Due to the rapid increase of middle-class populations around the world, shopping center developments are on the rise to satisfy growing consumer demand," said Sebastian Skiff, executive director of CBRE Retail in Asia. "With construction activities expanding rapidly not only in Beijing and Shanghai but also deeper into the highly populated provincial capitals, China is topping the charts for development growth."
Emerging markets such as China, Turkey and India are far more active than more mature markets of Western Europe and North America, concluded CBRE, which took into account both 2011 completions and space currently under construction.
In 2011, new shopping centers opened in 63 of the surveyed cities and 50 of them were in emerging markets. Asia accounts for 70 percent of all schemes currently being built.
Outside China, the most active markets are Abu Dhabi, Hanoi, Kuala Lumpur (Klang Valley), New Delhi and Sao Paolo, according to the CBRE report.
Retailers have shifted their focus to exploring new markets and new opportunities in which they are able to grow their business and carry out cross-border expansion initiatives and that has contributed to the escalation of high-quality retail space in emerging markets, Skiff added.
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