The second half of 2015 saw 3.3 million sq.m of new shopping centre space open its doors, bringing the European total stock to 156 million sq.m by the end of 2015. Overall, 4.6 million sq.m of shopping centre space was opened in 2015, which is 15.8% below 2014 and is the lowest annual volume in this decade. However, development is expected to accelerate over the next two years, with 9.1 million sq.m currently in the pipeline and due to be delivered over 2016 - 2017.
France retains its dominant position in the European hierarchy as the largest shopping centre market. Russia follows in a close second with overall stock only 4% lower than France; however, with the average scheme size larger, Russia only has half the number of shopping centre schemes. Development activity was the highest in Russia over H2 2015 and, in addition, the country has the largest 2016-2017 development pipeline in Europe – although there is some speculation that not all schemes will complete as the faltering economy impacts consumer spending and the ability of retailers to pay top rents.
Source : Cushman & Wakefield