2009 saw the sharpest decrease in new space in almost 15 years, with around 7.4 million sq m of new shopping centre space completed, a 19% fall on 2008. 2010 should see around 6.1 million sq m being completed. In 2011 shopping centre development is expected to hit its lowest level in seven years with around 5.0 million sq m due to be completed, 46% down on the peak of around 9.3 million in 2008.
However, should the European economy bounce back quicker than expected, Cushman & Wakefield says that a large number of shelved shopping centre projects could be revived relatively quickly, boosting the development pipeline.
After losing its number one position in 2009 to Turkey in the country ranking of shopping centre pipeline space, Russia once again dominates Europe, with 2.5 million sq m of space in development and scheduled to open by the end of 2011. Romania has had one of the most significant falls in the ranking from seventh to tenth place, as a large number of pipeline schemes have been put on hold. Development is expected to slow to 130,000 sq m in 2011, compared with the peak of around 750,000 sq m in 2008.
In Western Europe, Italy, France and Spain saw the most new space being completed in 2009. The Italian market has been especially resilient, with just around 20% of its 2010-2015 pipe line so far being put on hold. It currently has just over 1 million sq m of new space under construction. Development activity has also increased significantly in France with around 880,000 sq m of space currently under construction. The largest shopping centre under construction is developer Westfield’s Stratford City at 186,500 sq m located alongside the 2012 Olympic Park and due to open in 2011.
During 2009, France also moved into the top five of the new shopping centre completions table, with around 530,000 sq m delivered. The Netherlands also experienced a high level of completions during the year with more than double the 10 year average completed over the year.
The ECR Community Forum 2010, organized by ECR Finland, ECR France, ECR Poland and ECR Russia took place in Moscow on June 2-4, in Conference Hall, The Cathedral of Christ the Saviour
The highest prime shopping centre rents during Q1 2010 in Europe were achieved in the United Kingdom at ?1,900 per sq m per annum, followed by France (?1,700). The third most expensive rents were recorded in Russia (?1,500) followed by the rest of Western Europe. Due to the limited availability of prime retail space in many shopping centres across Europe, the outlook for prime rents in most European markets is stable despite the inevitable slowing of demand from occupiers over the last 18 months
M.video retail sales increased by 3.2% to 83 billion Russian rubles (RUB) with VAT in FY 2009. The Group’s total sales (including revenue from wholesale operations) also increased by 1.4% to 85.6 billion RUB (with VAT). Growth in revenues was driven by M.video’s expansion and was achieved despite a significant market decline due to the impact of the recession
Direct retail real estate investment in Europe in the first quarter 2010 accounted for ?5.4 billion**, more than double the volume of Q1 2009. As Jones Lang LaSalle anticipated in its report – ‘The Big 5’ – core European markets continue to be the main focus for investors, with volumes in these markets (UK, France, Germany, Italy and Spain) accounting for over 80% of total retail transactions across Europe
The Forum takes place June 2-4 2010, in Conference Hall, The Cathedral of Christ the Saviour (Volkhonka 15)
The Russian real estate market has been deeply affected by the recession. An 8 percent contraction in the economy during 2009 severely affected corporate occupier demand and also dented confidence among investors who were used to double-digit returns. Developers and owners became increasingly flexible, initiating a very sharp contraction in real estate prices to reflect the new market reality; prime office values fell by over 70 percent in Moscow between mid 2008 and mid 2009, among the highest corrections in the world. Despite the improvements, the markets remain vulnerable, and any faltering in economic growth could derail the recovery
This was announced last Friday, the 26th of March, at the business breakfast which was organized by Sistema-Hals, Apsys Group and Jones Lang LaSalle at the Ritz-Carlton hotel in Moscow
The rate of development of new shopping centre space in Europe slowed considerably in 2009. It is unlikely that development levels will pick up before 2012 at the earliest, says real estate adviser Cushman & Wakefield in its new European Shopping Centre Development report
Sistema-Hals (HALS), a leading diversified company in the Russian and CIS real estate market, and Apsys Group, one of the leading European companies engaged in development and management of retail real estate assets, announce of the attracting of BNS fashion retailer to LETO shopping center (Saint Petersburg)
Rental rents in shopping malls have generally been stable since the end of 2009. Rental rates for street retail premises have increased by 10-15% depending on specific well located properties
Организатор: Reed Exhibitions
Организатор: Школа девелопера
Организатор: Reed Midem