Russia the EU Leader in Shopping Center Construction

---

Russia is the top European market for shopping center construction, delivering more new space than any other country in Europe during the first half of the year, according to a new report from Cushman & Wakefield.

With a total of 3.2 square meters under construction and set for completion by the end of 2014, Russia is set to overtake the U.K. as the second largest market in Europe, the firm reports. 

Turkey delivered 422,500 square meters of space during the first six months, the second highest in Europe. Combined with Russia, the two countries represented almost half of all European shopping center space delivered in the first half. 

The U.K. came in third with 182,600 square meters of shopping center space delivered, followed by Poland and Germany. 

A total of 1.8 million square meters were added in Europe during the first half, lower than the 3.4 million square meters delivered the previous months. 

However, the firm is optimistic for the remainder of the year. A total of 4.9 million square meters is due for completion by year-end, with Central and Eastern Europe -- including Turkey -- expected to account for 70 percent of the pipeline. 

"Emerging Central and Eastern European markets will continue to drive shopping center development activity," Martin Mahmuti, senior analyst at Cushman & Wakefield, said in the report. "Notwithstanding the several new schemes added and others in the pipeline, countries such as Russia and Turkey will be far from saturated on a per capita basis and in fact still suffer from a shortage of quality space in some markets."

There are 171 new projects and 65 extensions expected to be delivered in 2014, with the pipeline volume estimated at 6.2 million square feet.