The aim of this paper is to analyse Baltic shopping centres' market dynamics in the context of mature markets and changing environment. Matured markets' characteristics' analysis is important to monitor emerging markets dynamics and development. Changing environment – growing or decreasing purchasing power, number of customers, changing preferences and shopping traditions, competition among shopping centers, and other factors have a direct impact on demand and supply in the shopping centres’ market. Deeper analysis of changing environment in addition to internal market structural analysis shall provide information helpful for real estate (RE) market functioning trends forecasting.