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Shopping Center Space in Europe

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A new report shows that Spain leads the way when it comes to new shopping center space in Europe.

Spain tops the country ranking of new shopping center space due to open in Europe in 2007 and 2008. It will see a potential total of 1.93 million m² of new schemes open this year and next. Cristina Pérez de Zabalza, Head of Retail for Cushman & Wakefield in Spain, says, “The Spanish shopping center boom is far from over. Opportunities still remain not only in the main cities of Madrid and Barcelona, but also in provincial areas of the country.”

Most shopping center development activity in Spain is in out-of- town locations, however, an example of a key new scheme due to open in 2007 in a city-center location is Espacio Buenavista in Oviedo, the capital of Asturias. The scheme, developed by Multi Corporation, is due to open in November 2007. It will offer a total 60,500 m², with 28,000 m² of retail, a 2,300-m² hypermarket, 2,000 m² of restaurants, 7,500 m² of leisure and 20,700 m² of common areas.

In second place comes Poland, where 1.88 million m² of new shopping center space is due on the market this year and next. Piotr Kaszynski, Cushman & Wakefield's Head of Retail in Poland, says, “The leading international and national retailers operating in Poland are targeting the 40 Polish cities that exceed 100,000 inhabitants. Their demand for good-quality space is in turn creating a demand for new shopping center space in these cities.”

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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