Analysts at Cushman & Wakefield note a shortage of quality retail space
13.07.2011 2189

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

Cushman & Wakefield summed up the results of the retail real estate market for the 2nd quarter of 2011. According to company analysts, for the first time after the crisis of 2008-2009, a shortage of quality retail space began to be observed. Another market trend - rental rates in the best shopping centers and the most prestigious shopping corridors continue to grow (up to 10% for the 2nd quarter). Nevertheless, in most shopping centers the rates remain at the same level, especially in the 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 million-plus cities and cities with a population of more than 500 thousand people.

Traditionally, for the beginning of the year, a rotation of tenants took place in many shopping centers and shopping corridors. This is especially noticeable in trade corridors, for example, on Petrovka and Stoleshnikovoy during the second quarter 25% of tenants were replaced, on Tverskaya - 12%, on Pokrovka - 16%.

Free quality premises are available less and less. As a result, the level of vacant space in high-quality shopping centers in Moscow with an established coverage area for the fourth quarter is at the level of 1%. In the trade 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 continues to be at the level of 4-5%.

Cushman & Wakefield summarized the retail real estate market for the 2 quarter of 2011 year.

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