China topped global retail construction last year
Globally, 135.5 million square feet of shopping center space was added in 2016, with most coming to market in Asia with 89.3 million square feet competed, according to CBRE.
China totaled 61.9 million square feet in annual completions, which was down 5 percent from 2015. The top markets were Shanghai, 1.12 million square feet, and Beijing, 801,540 square feet.
Asia Pacific accounts for 79 percent of the space under construction globally, though the region’s total declined by 24 percent in 2016. China has 212 million square feet of space under construction. China’s largest volumes of retail space under construction are in Shenzhen and Shanghai, which together account for about 40 percent of the total.
In the Americas, retail center completions rose by 43.6 percent. In the United States, completions levels were down slightly in 2016, and will remain well below pre-recessions levels in both volume and square feet. New supply was concentrated in the Houston, New York and Honolulu metropolitan areas.
In Mexico, approximately 14 million square feet was added in 65 centers across three cities. The majority of the space came to market in Mexico City, where development has been targeting the growing population.