This is the third year that CBRE has measured the level of
shopping centre development in 180 of the world’s major
cities. The survey was based on new centres of over
20,000 sq m and excluded retail warehousing and
factory outlet centres. The definition used in this analysis
is set out in full in the back of this report. The ViewPoint
provides a snapshot of the most active shopping centre
markets globally and identifies the key development
trends in these locations.
CHINA DOMINATED NEW DEVELOPMENT IN 2013
Unsurprisingly, given the huge amount of space under
construction at the end of 2012, China retained its
position as the most active development market in 2013.
Nine Chinese cities were in the top ten in terms of new
space completed last year. Chengdu, with just over one
million sq m completed in seven centres, was by far the
most active market in 2013, as it was in 2012. Tianjin
(640,000 sq m in eight centres) was in second place, with
Shanghai, Chongqing and Shenzhen not far behind.
In Chengdu, robust occupier demand has ensured stable
occupancy levels for prime retail space despite the
addition of substantial new supply in non-core areas.
However, rents in suburban areas have come under
strong downward pressure. Landlords have responded by
lowering asking rents and introducing experiential
elements such as quick service restaurants and
entertainment facilities whilst providing more ancillary
facilities in public areas. For example, CapitaMall Jinniu
in Chengdu has vertical gardens, a pet park and a kids
playground. Enhancing the entertainment based provision
in shopping centres is a trend that is spreading across
China as new supply and the growth of e-commerce
increases competition between malls.
SHOPPING CENTRE DEVELOPMENT – THE MOST ACTIVE CITIES GLOBALLY
Author: Natasha Patel, Associate Director, EMEA Retail Research
Contributor: Liz Hung, Manager, Asia Pacific Research
050010001500
Yekaterinburg, Russia
Qingdao, China
Santiago, Chile
Singapore, Singapore
Mexico City, Mexico
Seoul, South Korea
Paris, France
Guangzhou, China
Abu Dhabi, U.A.E.
Jakarta, Indonesia
St Petersburg, Russia
Chennai, India
Dalian,China
Nanjing, China
Hanoi, Vietnam
Manila, Philippines
Shenyang, China
Wuhan, China
Istanbul, Turkey
Beijing, China
Hangzhou, China
Shenzhen, China
Chongqing, China
Shanghai, China
Tianjin, China
Chengdu, China
The Most Active Shopping Centre Development
Markets in 2013 (000 sq m completed)
Cities with more than 100,000 sq m of new shopping centre space in 2013
Source: CBRE Research
CBRE Global ViewPoint
April 2014 GLOBAL RESEARCH AND CONSULTING
OVERVIEW
Global shopping centre developme
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