Global shopping center construction booms
The world is going shopping — and nobody is doing it more aggressively than the Chinese. There are unprecedented levels of global shopping center construction, according to a new report from CBRE Global Research and Consulting, with 105.5 million square feet of new space opened in 2013 in the 180 cities surveyed, compared with 78.6 million square feet in 2012.
Nine out of the top 10 most active cities globally are in China. The city of Chengdu, China, was ranked number one and was by far the most active, the report says, with more than 10.8 million square feet constructed among seven shopping centers. The only non-Chinese city to make the top 10 was Istanbul, which ranked eighth.
More astounding is that another 419.8 million square feet is under construction, with eight out of the top 10 most active cities in China. In this case, Istanbul and Moscow were the onl