Last year, 165 malls, with a usable area of 5.2 million square meters, opened in Europe — 30 percent less than the year before.
For two consecutive years, the amount of completed construction has declined, and last year finished at the lowest level since 2004, according to Cushman & Wakefield analysts.
The highest amount of new construction is in Russia, where 1.3 million square meters was put into commission last year. Turkey came in a distant second with 360,000 square meters, and Poland took third with 350,000.
This year will see initial recovery on the majority of European markets, Cushman & Wakefield forecast. By the end of the year, 6.9 million square meters are expected to be commissioned — 33 percent more than last year. "In many European regions, market conditions remain rather uncertain, so the amount of completed construction could increase or decrease as projects are reinstated or delayed, depending on economic growth, changes in retail sales and demand from renters," the analysts explained.
In Russia in 2011-12, more than 3 million square meters of usable retail space are expected to be commissioned. In Turkey, almost 1.8 million square meters are planned. Italy could come in third, with an expected 1 million square meters.
"In 2011 in Russia, many shopping locations were put into commission that had been begun, planned or frozen during the crisis," Charles Slater, a partner and head of Cushman & Wakefield's retail department, said in a statement.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
