Property Times European Shopping Centres 2010 Shift to value-add ...

AppendixDevelopment pipelineIn addition to the construction of new shoppingcentres, refurbishments and expansions of existingcentres are becoming the focus. The majority ofGerman shopping centres are more than 10 yearsold, with 90 centres more than 20 years old. Therequirements of consumers and retailers in relationto the size of shops and the provision of food andleisure have changed significantly over this period.It is estimated that around 200 centres are in urgentrequirement of refurbishment in order to regain theircompetitive viability. As at the end of 2010, fiveshopping centres were undergoing expansions, andan additional 13 had expansions planned, accountingfor an additional 148,800 sq m of space.Figure 25Future supply of shopping centres in GermanySq m1 200 0001 000 000800 000600 000400 000200 00002010 2011 2012Under constructionProjectSource: EHI Retail Institute, DTZ Researchwww.dtz.com 21