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When it comes to overstoring, China’s the champ


U.S. real estate developers and brokers coping with epic changes in the retail landscape can take some solace from the fact that, when it comes to overstoring, America’s got nothing on China.

A list of cities with the most shopping center space under construction from CBRE Research had Chinese cities occupying 11 of the top 12 spots, led by Chongqing with 39.8 million sq. ft. being built. Shenzhen (38.7 million) and Chengdu (37.6 million) weren’t far behind.

By way of contrast, the top U.S. city on the list, New York, had but 8.6 million sq. ft. of retail space under construction.

The Wall Street Journal quoted Hong Kong-based developer Hang Lung Properties as saying that rents at their centers dropped 2% in the six months ended last June.

Top Cities For Retail Under Construction (millions of square feet)

1. Chongqing, China: 39.8

2. Shenzhen, China: 38.7

3. Chengdu, China: 37.6

4. Shanghai, China: 34.4

5. Wuhan, China: 26.9

6. Nanjing, China: 23.6

7. Guangzhou, China: 21.5

8. Shenyang, China: 20.4

9. Tianjin, China: 19.3

10. Beijing, China: 18.2

11. Bangkok: 18.2

12. Hangzhou,China: 10.7

CBRE Research

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