CB Richard Ellis: Spain to open 32 shopping malls in 2002

Spain is to open 32 shopping centres this year, boosting new commercial rental space by 49 percent over 2001, according to a report published on Wednesday.

The study, by international real estate consultants CB Richard Ellis, said the projects would add some 906,263 square meters of rental space in 2002, but warned that the rate of growth could fall next year.

'The rhythm of new openings could slow from 2003, when moratoriums and legal restrictions (imposed) by many autonomous regions could begin to be felt,' the report said.

'The sector is also beginning (to show) the first signs of saturation in the supply of bowling alleys and cinema screens,' it added.

The new openings would bring total commercial centre rental space across Spain to more than eight million square meters at the end of 2002.

(source: CB Richard Ellis)

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