Romania Ranked Tenth In Europe Regarding New Shopping Center Development In 2011-2012

Romania is ranked tenth regarding new shopping center development in 2011 and 2012, with projects totaling 256,000 square meters, according to a research conducted by real estate consulting company Cushman&Wakefield.

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Imaginea articolului Romania Ranked Tenth In Europe Regarding New Shopping Center Development In 2011-2012

Romania Ranked Tenth In Europe Regarding New Shopping Center Development In 2011-2012

Data show projects of 195,000 sqm were competed in Romania in 2010.

According to the research, Russia tops the ranking with projects of over three million sqm in 2011-2012.

Nearly 1.8 million sqm of new shopping center space are scheduled for completion before the end of 2012 in Turkey.

Italy is ranked third with projects of over one million sqm and is followed by France (900,000 sqm), Spain (697,000 sqm), Poland (594,000 sqm) and the United Kingdom (314,000 sqm). Projects of 300,000 sqm are set for completion in Germany and Croatia.

"New shopping centre development in Europe fell sharply in 2010, with the largest decline since 1983. Around 5.2 million sqm of shopping centre space was completed last year, a fall of 30% from 2009. It was the second consecutive year of falling completion levels and represented the lowest annual completion total since 2004," shows the research.

Over half of European markets are expected to see an upturn in activity this year. About seven million sqm of new space are scheduled for completion by the end of the year, shows the survey.

In 2010, 165 new shopping centers were opened in Europe.

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