The development pipeline may be building again, but there will be an inevitable lag between construction and delivery.
The lack of supply is already having an impact on rental prices in key European markets. At the start of MAPIC, agents Colliers International published a retail-rents map providing prime rents, yields and expected shopping centre completions across Europe. Paris topped the list with the most expensive prime retail rents.
The cities of Kiev and Moscow have seen sharp increases in prime rental levels in the past six months, up 30% and 25% respectively. They are expected to see a further upswing over the next 12 months.