Shopping Centers Today

APR 2015

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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Page 50 of 83

espite war in Ukraine and economic crisis in Greece, developers are anything but pessimistic about europe. after a dip in the amount of opened shopping center space — from 5.75 million square meters (about 62 million square feet) in 2013 to 5 million square meters in 2014 — some 7 million square meters of additional shopping center space is set to be built this year, according to JLL. russia and turkey are again the year's hottest markets, representing 42 percent of total anticipated growth for 2015, according to cBre. For 2016 and beyond, though, analysts think turkey will pull ahead. the turn will be a sharp reversal for russia. Last year moscow was the seventh-hottest mall construction market on the planet. st. petersburg, samara and Yekaterin- burg ranked among the top 32 markets worldwide. this year more large centers will be com- pleted in russia, cBre forecasts. But after this current batch gets built, most russian projects still on the drawing board will probably stay there for the foreseeable future, predicts natasha patel, associate director for emea research and consulting in the London office of cBre. south of the Black sea, though, the good times are expected to continue. despite its own serious political and geopolitical challenges, analysts say turkey will remain the fastest- growing market in Greater europe. in western europe caution will rule. according to cBre, most construction there this year involves refurbishments and extensions, and these represent only 8 percent of total new gross leasable area. "it's mostly around refreshing the center and trying to reposition the tenant mix," said patel. many of the redesigns are intended to respond to a general shift in shopping and lei- sure patterns, as consumers continue to shop more online and visit the mall when they want to D eUrope raLLies the retail pipeline is flowing again with new projects By Bennett Voyles a p r i l 2 0 1 5 / S C T 51

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