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Shopping centers in Eastern Europe are mainly built in Kyiv and Moscow

The main cities of Eastern Europe, where at the end of the 3rd quarter of 2012 the largest number of shopping centers was built are Moscow (1 million 34 thousand 850 sq. m.) and Kyiv (354 thousand sq. m.). This is the result of real estate market players’ activity analysis in the major cities of Eastern Europe conducted by the international consulting company Colliers International.

It is reported that the activity is also high in the market of Sofia, where under construction there are 207 thousand square meters of retail space. Over the past three years the city has shown the highest growth dynamics in construction. Markets of Moscow, Kyiv and Sofia represent 85% of the total area under construction in Eastern Europe.

In general, the volume of high-quality retail space supply in Eastern Europe by the end of the 3rd quarter of 2012 amounted to 15.41 million square meters. Thus, from 2009 till 2012 total supply increased by almost three times.

Volume of retail spaces in shopping centers that are in active construction phase decreased by 255 thousand 750 sq. m. in the 3rd quarter of 2012 compared to the 2nd quarter. Volume of spaces under active construction in 13 major cities of Eastern Europe amounted to 2 million sq. m. (leasable retail area, GLA). This heralds active entry of new shopping areas to Eastern Europe markets in the coming years, which will increase by more than 13% the total supply of commercial real estate in the region.

By the end of the 3rd quarter 2012 the highest satisfaction in shopping spaces per 1,000 people had Zagreb (1 710 sq. m.), Bratislava (1 063 sq. m.) and Sofia (915 sq. m.). The least satisfaction in the region had Athens (64 sq. m.), Belgrade (148 sq. m.), Moscow (258 sq. m.) and Kyiv (258 sq. m.).

The largest increase in market spaces in classical shopping centers since 2012 was recorded in St. Petersburg (151 thousand sq. m.), Moscow (52 thousand sq. m.) and Zagreb (50 thousand sq. m.).

“Overall, in the next few months markets of Europe, Middle East and Africa will be in “quiet conditions” due to decrease in the pace of regional economic recovery and low consumer confidence level. However, markets of Central and Eastern Europe offer great prospects for many Western brands, networks and operators in the discounter and luxury segments. It is more likely that their access to new markets will be subject to a franchise “- noted Mr. Sean Briggs, the Commercial real estate in Eastern Europe Managing Director of Colliers International.

Source: RBC.UA

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