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The activity of the construction of retail space has shifted from Moscow to the regions
13.05.2011 4256

The activity of the construction of retail space has shifted from Moscow to the regions

The period of stagnation in the retail real estate of the regions is over - stated in a new report Cushman & Wakefield “Commercial Real Estate of Russia - 2011”. The report contains information on 35 retail real estate in Russian cities, which is based on regular monitoring of the real estate market, company databases, data from federal and regional statistical services, as well as on the results of the company's own analysis.

According to the first quarter of 2011, in cities with a population of more than 500 thousand people, including the Moscow region, construction of frozen facilities is resuming, rental rates have stabilized and in some cases there is an upward trend.

Retailers again began to show interest in regional real estate, considering an expansion strategy outside of Moscow. International operators are also talking about entering the Russian market, who usually choose Moscow and St. Petersburg as the first site, but in the future they will also consider the regions.

According to analysts, the market for retail space of million-plus cities and some sub-millionaires is at a stage close to stabilization (equilibrium of supply and demand). Some of these cities are significantly ahead of Moscow in terms of the provision of quality retail space (for example, in Krasnodar this indicator is almost two times higher than the Moscow level - 590 and 314 sq. M per 1000 of residents, respectively).

Another important conclusion of the study - today at the construction stage (with the announced opening date of 2011-2013.) Is about 3 million square meters. m of high-quality retail space. Of these, 450 thousand square meters. m in Moscow, about 1,5 million square meters. m in million-plus cities and about 800 thousand square meters. m in cities with populations from 500 thousand to 1 million people. Thus, we can say that construction activity is shifting from Moscow to the regions. Much attention is paid to cities with a population of over one million, although the market for retail space in medium-sized cities (500 thousand or more) also continues to develop.

The greatest potential in the medium term in terms of Cushman & Wakefield cities with a population of 500 thousand people possess. These cities are not yet saturated with high-quality retail space, but at the same time they have high potential: sustainable economic development, indicators of purchasing power of the population are higher than the average for Russia. An example of pent-up demand for quality retail space is Voronezh. During the crisis 2009-2010 years, the total number of high-quality retail space in the city increased 10 times (from 32 000 sq. M to 320 000 sq. M) - five shopping centers were introduced. At the same time, the average rental rate for retail space in high-quality shopping centers in the city did not decrease as much as one might expect; to a large extent, the projects found their tenants and visitors. As part of the projects, new operators for the city entered the market (for example, KIKA in the shopping center Grad).

Cushman & Wakefield is the largest privately held international real estate company. Founded in 1917 year, it unites 234 offices in 61 countries of the world.

The period of stagnation in the retail real estate of the regions has ended - it is stated in the new report by Cushman & Wakefield "Commercial Real Estate of Russia - 2011". The report compiled ...
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