Analysts at Cushman & Wakefield note a shortage of quality retail space
13.07.2011 3413

Analysts at Cushman & Wakefield note a shortage of quality retail space

Cushman & Wakefield has summed up the results of the retail real estate market for the 2nd quarter of 2011. According to the analysts of the company, for the first time after the crisis of 2008-2009, there was a shortage of quality retail space. Another market trend is that rental rates in the best shopping centers and the most prestigious shopping corridors continue to grow (up to 10% in the 2nd quarter). Nevertheless, in most shopping centers, rates remain the same, especially in Russian regions.

Another conclusion of the company is that the activity of retailers is at a high level; during the second quarter, many companies announced large-scale strategic development plans, including regional expansion. Retailers have become actively interested in Russian regions, both in cities with a population of over one million and in cities with a population of over 500 thousand people.  

Traditionally, at the beginning of the year, tenant rotation took place in many shopping centers and shopping corridors. This is especially noticeable in retail corridors, for example, on Petrovka and Stoleshnikov, 25% of tenants changed during the second quarter, on Tverskaya - 12%, on Pokrovka - 16%.

There are fewer and fewer quality vacancies available. As a result, the level of vacant space in high-quality shopping centers in Moscow with an established coverage area has been at the level of 1% for the fourth quarter. In the retail corridors at the beginning of 2011, the level of vacant premises slightly increased (as a result of the ongoing change in the composition of tenants) and during 2011 remains at the level of 4-5%. 

Cushman & Wakefield has summed up the results of the retail real estate market for the 2nd quarter of 2011.
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