The number of new shopping centres being completed in the UK this year is likely to fall by around 40% below the 10-year annual average, according to new research from Cushman & Wakefield. Just 80,000 m[sup]2[/sup] of shopping centre gross lettable area (GLA) was added to the market in the first half of 2010.

The number of new shopping centres being completed in the UK this year is likely to fall by around 40% below the 10-year annual average, according to new research from Cushman & Wakefield. Just 80,000 m2 of shopping centre gross lettable area (GLA) was added to the market in the first half of 2010.

The second half of the year is expected to see the completion of a handful of small- to medium-sized schemes, pushing the total completed GLA for 2010 to around 215,000 m2. This would represent a 1.3% increase in total stock on 2009, the second lowest annual increase in provision recorded in the UK in 17 years.

In its latest UK Shopping Centre Development report, Cushman & Wakefield warns that development activity is likely to remain subdued for the foreseeable future. Approximately 135,000 m2 and 260,000 m2 is due for completion in the second half of 2010 and 2011 respectively. Nonetheless, it has been announced that work will begin on Land Securities' Trinity Leeds scheme - the first significant scheme to commence since the recession began.

Reliable forecasts for 2012 and beyond are difficult as many developers do not comment on the status of their pipeline projects, but no significant shopping centre projects have started construction recently. As a result, completion levels are not likely to pick up before late 2012/early 2013.

As at June 2010, total shopping centre provision in the UK stood at just over 16 million m2 across 693 schemes (over 5,000 mm2 in size). Three new schemes/extensions opened across the UK during the first half of 2010, the largest being the 38,000 m2 Eldon Square South in Newcastle-upon-Tyne.