Worldwide shopping center development is on the rise, reaching 451M SF last year, and Asian cities are driving the bulk of that growth, according to a new CBRE global report.
The report measures shopping center development in 168 major cities around the world, and the undisputed king in upcoming development is China. The country accounts for two-thirds of construction globally and remains the most active market in delivering new space, the World Property Journal reports.
Growth is rampant outside of China too—Asian cities dominate all top 10 global markets in development and completions.
Yet outside of Asia, completions of shopping centers have started to slow as an imbalance of supply and demand plays out across the global retail market. Only 114M SF of new space opened last year compared to 130M SF in 2014. [WPJ]
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