Dallas, TX (PRWEB) October 14, 2012
We expect that the majority of European shopping centers to remain viable and to provide an outlet for capital seeking a secure and profitable home. Older and/or poorly located shopping centers, especially those serving regions particularly badly hit by unemployment, will suffer and some may be badly degraded by retailer flight or even have to close down.
Features and benefits
If all the shopping center projects scheduled for 2011 had been completed on time, provision across Europe would have increased by 15% to 6.8 million sq m. However, delays in several markets – notably Italy, Russia and Turkey – resulted in the amount of new shopping center space totaling 5.9 million sq m, nearly identical to that of 2010.
The pipeline for European shopping center development pipeline for 2012/13 is 10.9 million sq m, with 6.4 million sq m scheduled for completion in 2012. Central and Eastern Europe accounts for most (61%) of the pipeline. Russia and Turkey top the list, accounting for 32% of new shopping space scheduled.
Investors are increasingly focusing on maximizing the value of their assets instead of investing in new developments. Many centers built in good locations now require investment to continue to generate high revenues, and both the cost and investment risk of refurbishment and redevelopment is lower than the construction of a new center.
Your key questions answered
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Major Shopping Center Industry Players
1. Afi Development
2. Altarea Cogedim
3. Capital Shopping Centres
6. Eurocommercial Properties
9. Multi Corporation
10. Plaza Centers
11. Sonae Sierra
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