According to the latest Global Viewpoint from CBRE Research, globally, a total of 39 million sqm of shopping center space is currently under construction across the world’s major cities, representing a three million sqm increase from 2013.
Most of this development activity is focused in China, as according to the report, more than half of the shopping center space under construction in the 180 countries surveyed is taking place within China’s borders.
Shanghai takes first position with 3.3 million sqm of space under construction—more than the combined total of all 86 European cities excluding those in Russia and Turkey.
In India, around 500,000 sqm of new retail space is under construction in New Delhi.
The largest two projects, DLF Mall of India NOIDA (204,385 sqm) and Logix City Center Mall (111,483 sqm), are both located in Noida.
Among tier II cities in India, Hyderabad is the most active market with a current supply pipeline (483,000 sqm) three times greater than its existing stock.
Commenting on the findings of the report, Anshuman Magazine, Chairman and Managing Director of CBRE, South Asia Pvt. Ltd. said, "Along with the large-scale urbanization of our leading cities and a burgeoning middle class population, it is the dearth of quality shopping space that has been driving shopping center development forward."
Sebastian Skiff, Executive Director of CBRE Retail, said, "Outdoor shopping can be too hot, too humid, too cold, too wet, too unsafe or too dirty and polluted—modern shopping centers are none of these when managed properly."
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