Landlords made concessions
A sharp drop in the exchange rate of the Russian ruble entailed a flurry of tenants' appeals to the owners of high-quality commercial real estate on the revision of lease agreements. There is only one requirement - the conversion of rental rates from dollars to rubles at the pre-crisis rate. In case of disagreement, many of them threaten to move to a competitor.
“Under the onslaught of tenants and in the presence of vacant space in similar real estate objects, the most typical agreements boil down to the following:
fixing the exchange rate in the range of 38 to 45 rubles per dollar, says Sergey Chemerikin, director of the valuation department at Cushman & Wakefield. - the period of this fixation is set for one year with a possible revision of the lease terms depending on the economic conditions in the country that will develop over this period of time.
Thus, the "owner's market" became the "tenant's market". Tenants influence contractual relationships and commercial real estate market performance. How long it will last, only time will tell.
Under pressure from tenants, the real rental rate denominated in US dollars fell by 20-30%. Accordingly, dollar selling prices for high-quality commercial real estate should decrease by 30-40%. The fact of this decline has not yet been confirmed, since there are no deals on the market - the market froze in anticipation.
Rental rates in the street retail segment are also beginning to gradually decline. As of the end of the third quarter, it decreased by 25%: from 8 thousand to 6 thousand dollars per 1 quarter. m. per year., according to market research CBRE. "The current rate of devaluation of the ruble does not actually give Moscow a chance to stay in the top ten most expensive street retail in the world," says Valentin Gavrilov, director of market research at CBRE in Russia. On the other hand, it will create even better commercial conditions and opportunities for the entry of new players into the market. "
A sharp drop in the exchange rate of the Russian ruble entailed a flurry of tenants' appeals to the owners of high-quality commercial real estate on the revision of lease agreements. There is only one requirement - translation ...
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