Many of Europe's markets will see increases in rental retail rates next year. However, other markets, such as Sofia, Bulgaria, will remain low, according to Colliers International. Other emerging traits for the continent include less supply in the pipeline but projects that are of higher quality and tenants that are increasingly selective about their locations.
Bulgaria's retail sector is undergoing significant development, with 18 malls expected to open this year, according to a new survey by property consultants GVA Sollers Solutions. One example is a new retail outlet on Sofia's Tsarigradsko Shosse that is scheduled to open this month.
Chicago-based Mega Realty has started to build a new strip mall in Mundelein, Ill., to be called the Forest Plaza shopping center. The construction of this center will include renovations to Forest Avenue.
A four-story project in Haskovo, Bulgaria, by Akra Proekt will cost $34.7 million and include stores, restaurants, a movie theater and a grocery store. Developers hope to attract the city's many tourists in addition to locals.