Development activity throughout Latin America picked up considerably during 2012 and 2013 as 168 new shopping centers (>5k sq.m) containing nearly 5.3 million sq.m of gross leasable area (GLA) were delivered in the six primary Latin American markets of Brazil, Mexico, Colombia, Argentina, Peru and Chile. This increase in supply represented a 60.0% increase in new GLA over the previous two years and accounted for nearly 51.0% of all new GLA delivered since the global economic downturn in 2008.
Over the two year period, Brazil and Mexico continued to drive activity, accounting for nearly 70% of all new shopping center space added to the markets, with 2.4 million sq.m and 1.3 million sq.m added, respectively. Both countries are expected to remain development leaders, accounting for nearly 65.0% of all projected space to be completed through 2016. Sao Paulo and Mexico City are expected to capture the largest share of the new GLA.