×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Russia 3rd for New Mall Construction

Shopping-center construction in Europe may rise 53 percent this year after two years of declines, driven by the faster-growing economies of Poland, Russia and Turkey, real estate broker CB Richard Ellis Group said.

Russia, represented only by the Moscow and St. Petersburg metropolitan areas, is Europe's second most active market for malls, with 19 developments adding 856,000 square meters of retail space.

Turkey is Europe's most active market for mall developments because of its economic growth, with 26 projects under way this year, representing 1.3 million square meters of space. Poland came in third with 21 projects and 712,000 square meters.

There are 146 shopping centers under construction or due to open worldwide this year, representing 2.9 million square meters of additional space, according to a study by Los Angeles-based CBRE.

Construction of shopping centers fell 43 percent during the past two years from a record 3.4 million square meters in 2008, CBRE estimated. Its study focused on shopping centers with a minimum floor space of 20,000 square meters.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

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 you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more