European Shopping Centers 2012
We expect that the majority of European shopping centers to remain viable and toprovide an outlet for capital seeking a secure and profitable home. Older and/or poorlylocated shopping centers, especially those serving regions particularly badly hit byunemployment, will suffer and some may be badly degraded by retailer flight or evenhave to close down.
Features and benefits
Understand which areas of Europe are attracting the most shopping center investment and why.Find out how changes to individual country populations and consumer economies have affected the viability of shopping center investment.Examine the portfolios of the major shopping center operators, owners andinvestors.
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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 10.9million sq m, with 6.4 million sq m scheduled for completion in 2012. Central andEastern 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 requireinvestment to continue to generate high revenues, and both the cost and investmentrisk of refurbishment and redevelopment is lower than the construction of a new center.
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