In the second half of 2017, the total amount of shopping centre floorspace in Europe increased by 2.4 million sq m. This took the volume of completions for 2017 to 3.8 million sq m, 23% lower than in 2016, which is an even sharper fall than that recorded in 2010.
Western Europe recorded a 23% decrease in new shopping centre completions in 2017. While France was the most active country in terms of development, the volume of completions declined by 28% due to the electoral uncertainties at the start of the year (presidential and then legislative), growing pressure from the local authorities to limit out-of-town development and increasing investor and developer interest in retail parks and new hybrid formats. A similar development trend has been seen in the majority of Western European countries. Increased activity was recorded in only a handful of markets (Spain, Portugal, Finland and Denmark), supported by an improved economic backdrop, urbanisation and growing tourism.
Source : Cushman & Wakefield