Shopping centre development activity in the first half of 2017 increased total floorspace across Europe to 160.8 million sq m at the midpoint of the year, according to Cushman & Wakefield.

In the first half of the year 825,000 sq m was delivered to the market in Central & Eastern Europe (CEE), compared with 344,000 sq m in Western Europe – although Western Europe still accounts for more than two thirds (68%) of total built shopping centre space. In total, 34 new shopping centre projects were completed (representing 84% of new space added in H1), while 21 existing schemes were extended.

Turkey was by far the most active market, accounting for 48% (566,000 sq m) of all new European shopping centre space, followed by Russia with 186,000 sq m and Italy with 107,000 sq m of new space.

The half-yearly total added was 11% lower than the same period in 2016, with development activity affected by growing competition, changing consumer behaviour, and the growth of online retailing. A further 6.8 million sq m of space is currently under construction and expected to be completed by the end of 2018.

More information in the attached press release (PDF).