370% growth of retail spaces is expected in Bulgaria in the next 18 months

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If all projects for construction of shopping centres in Bulgaria scheduled for the next 18 months are completed on time, the country will consider the unprecedented growth of 370 percent of available space in shopping centres for the period. That says a new report on real estate consultancy company Cushman & Wakefield to market shopping malls in Europe.

Turkey and Russia are still at the forefront of commercial centres in the project, approximately 2 million sq. m. and 1,8 million sq. m. respectively in the two countries are scheduled to open by the end of 2010. In Western Europe at large volume of new space projects is in France, the focus is on medium-sized schemes in secondary cities.

As growth in percentage terms, however, leaders are Bulgaria, Latvia and Romania.

In the first six months of the year in Europe were opened 3,1 million sq. m. area in 115 new shopping centres, which is 18% less compared to the same period in 2008

The largest volume of new retail space were opened in Russia, where in the first half on the market were released approximately 580 thousand sq. m., of which about 45 percent were built in Moscow.

Source: investor.bg