The 2008 Retail Development Survey, conducted by the Property Council of Australia and Lease Equity, estimated over $1 billion would be spent on developments in the state and add some 236,055sqm of new retail space between 2008 and 2012.
Less than half of the extra space would comprise of new centres with 52.6 per cent representing extensions to existing sites and 2.8 per cent representing store refurbishments. The largest development would be Lakeside Joondalup by ING Real Estate, which would measure at 21,750 sqm.
Property Council executive director Joe Lenzo said the results were encouraging under the current economic climate.
"The 2008 survey shows a four per cent increase in proposed gross lettable area from the 2007 results, despite significant changes in the outlook for the state economy."
The Perth central business district would see an additional 43, 000 square metres of retail stock, with Century City supplying over 30 per cent of that space. The first stage of the shopping centre is due to open before Christmas and will house brands such as Veronika Maine, Hardy Brothers Jewellers, Mimco and Guess.