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New Delhi, Hyderabad and Bangalore were among the global cities with maximum shopping centre space under construction in 2014, according to the latest Global Viewpoint report from realty consultant CBRE.
According to CBRE, it signals that India continues to see a wave of new shopping centre development despite some developers pushing back completion dates due to financing issues.
While New Delhi was ranked at 21st rank, Hyderabad stood at 23rd position and Bangalore grabbed the 31st place in the global ranking while Chennai was among the top 15 most active shopping centre development markets in the world in 2013.
India’s tier I and II cities were also among the most active markets globally for shopping centre development as per the report.
The report also pointed to a total of 39 million square metres of shopping centre space being currently under construction across major global. “The 2014 shopping centre pipeline represents a three million square metre increase over 2013,” it noted.
According to the report, more than half of the shopping centre space under construction in the 180 countries surveyed is taking place within China’s borders. Shanghai takes first position with 3.3 million square metres of space under construction—more than the combined total of all 86 European cities excluding those in Russia and Turkey, the report stated.
Anshuman Magazine, Chairman and Managing Director of CBRE, South Asia said: “Strong economic growth in many Asian markets has been attracting an increasing number of cross-border retailers. Even though China remains by far the most active market for shopping centre development, the tier I and II cities of India are also among the most active globally.”
“Unfortunately, however, there continues to exist a dearth of quality shopping space in many of our market places. Along with the large-scale urbanization of our leading cities and a burgeoning middle class population, it is this that has been driving shopping centre development forward,” he added.
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