Global
Shopping
Centre
Development
VIEWPOINT
Q2 2015 | CBRE RESEARCH 2015, CBRE Ltd.|2
VIEWPOINT GLOBAL SHOPPING CENTRE DEVELOPMENT
Ian Anderson
Director,
Americas Research
Liz Hung
Manager,
Asia Pacific Research
Natasha Patel
Associate Director,
EMEA Research
Global shopping centre development continues to grow, with
exceptional levels of construction and new openings taking place.
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 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, whilst shopping centre construction in the mature
markets of Western Europe and the United States remains at a
historic low. However a slowdown in delivery of some of these
projects, particularly in China, India and Russia, is expected.
With contributions from Ian Anderson, Americas Research
and Liz Hung, Asia Pacific Research
Q2 2015 | CBRE RESEARCH 2015, CBRE Ltd.|3
VIEWPOINT GLOBAL SHOPPING CENTRE DEVELOPMENT
This is the fourth year that CBRE has measured the level of shopping centre development in major
cities across the world. The survey was based on 171 cities globally and focused on new centres of
over 20,000 sq m and excludes retail warehousing and factory outlet centres. The defnition used
in this analysis is set out in full in the back of this report. This ViewPoint provides a snapshot of
the most active shopping centre markets globally and identifes the key development trends in
these locations.
CHINA CONTINUES TO DOMINATE DEVELOPMENT COMPLETIONS
Similar to last year, China remained the most active market in the world with a total of 5.7 million
sq m completed during 2014. In the 12 months, 44% of all development completions were in
China with Chinese cities accounting for half of the top 20 most active cities for development
completions. However, in comparison to 2013 this is down by 14% y-o-y (6.6 million sq m
complete in 2013).
Wuhan in China saw the largest volume of shopping centre space delivered to market with just
under 1,000,000 sq m of space in 8 schemes. Wuhan together with Chengdu and Beijing – the
second and third in the list – contributed half of the new completions in China last year. Despite
the majority of new projects being located in emerging areas in Wuhan, most schemes are over
80% occupied as they are located in new residential clusters such as Jingyinhu where quality
supply is limited. This is positive given many other markets in China are experiencing difculty in
attracting occupiers due to the signifcant amount of development coming on stream, decelerating
economic growth, and competition from e-commerce. Suburban projects that were managed by
inexperienced landlords or wrongly positioned struggled under rising vacancy pressure and more
foor space was leased to larger occupiers like education services and child care centres.
Wuhan, China
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