China again topped the list of completed retail developments worldwide last year, with seven cities being among the 10 most active markets.
In 2016, around 5.75 million square meters of shopping centers were completed in the country. That compared with 12.5 million square meters built around the globe last year, which was an increase of 11.4 percent from 2015, real estate service provider CBRE said in a report released yesterday.
Shanghai, with annual completion of 1.11 million square meters, came out top last year. Beijing, Chongqing, Chengdu, Nanjing, Shenzhen and Tianjin were also among the 10 most active globally, which also included Mexico City, Moscow and Melbourne.
Meanwhile on the supply side, China, led by Shenzhen and Shanghai, remains the global hotspot for retail construction with about 19.7 million square meters, or 60 percent of the total pipeline around the world.
"The core and mature non-core retail sub-markets in Beijing and Shanghai continue to be the top destinations for entry and expansion of retail brands," said Rebecca Tibbott, head of advisory & transaction services for retail at CBRE China.