Western Australia is in the grip of a retail space shortage according to the latest profile of the state's shopping centre industry.
The Property Council's 2014 WA Shopping Centre Survey revealed the availability of retail space is not keeping up with population growth.
"We need to add 200,000sqm of extra retail space in WA, mostly in Perth, just to bring us in line with long term average retail space requirements" said Executive Director Joe Lenzo.
Key survey results include:
- There are 251 WA shopping centres in 2014, a drop over the last five years of 23.
- Most of the decline in centre numbers has been in the neighbourhood centre class.
- The average size of a WA shopping centre in 2014 is 8.3% larger than five years ago.
- The biggest increase in retail space occurred in the CBD, which has increased by 27.9% in the last five years.
- In 2014, the total area ofWA shopping centre space is 285 543 sqm, which is unchanged over the last five years.
- There is 813sqm of retail space per 1000 people in WA in 2014, which is 8% below the long term average.
Jim Tsagalis, managing director of Lease Equity, said "the proposed development is consistent with existing trading performance, population growth and easing of planning legislation allowing market forces to better dictate development of shopping centres."
Source: Inside Property December 2014