2006 is a record year for investment in shopping centres in Italy, with 26 new malls opening and a further million m[sup]2[/sup] coming within the next year, said Thomas Casolo and Piero Cangelutti, managers of the multinational real estate consultancy Cushman & Wakefield.
2006 is a record year for investment in shopping centres in Italy, with 26 new malls opening and a further million m2 coming within the next year, said Thomas Casolo and Piero Cangelutti, managers of the multinational real estate consultancy Cushman & Wakefield.
According to the C&W study presented yesterday in Milan, Italy is at the third place in Europe for investments in major shopping malls, immediately after Russia and Poland. 'Italy has still big perspectives of development because it is still under European Union average in proportion to shopping centers and inhabitants,’ said Casolo. ‘And it still takes very long to realize projects, in fact around 11 or 12 years.'
In Italy, shop rents increased by an average of 3% this year, peaking at 9,8% in the Via Roma in Torino, and 4,7% in the Via Condotti in Rome. The capital has risen from 15th to 14th place in the list of the most expensive cities for retail rents. The number one spot is occupied by Fifth Avenue in New York.
