Rent at a street retail in St. Petersburg - no more discounts
In St. Petersburg, rental rates for commercial real estate are returning to the pre-crisis level, experts of the JLL company, which provides financial and comprehensive professional services in the field of real estate, came to this conclusion.
In the context of increased demand, many owners of street retail premises are no longer ready to provide discounts to fill the space and return rental rates to the pre-crisis level, not afraid to part with the current tenant. At the same time, tenants tend to agree to new conditions, - noted in the analytical report of JLL.
The level of tenant rotation on the main shopping streets of St. Petersburg in the 2 quarter reached 7,9%, increasing by 2,2 percentage points compared to the first three months of the year. Most significantly, the rotation grew on the 6-7 lines of Vasilievsky Island as a result of the opening of the Vasileostrovskaya metro station. The current level of rotation is lower than the indicator for the same period of the 2015 year (9,3%), which is associated with the normalization of the macroeconomic situation.
Improving the situation led to an increase in the activity of those segments of the retail market, the development of which was previously rather restrained. So, for the first time since the 2014 of the year, fashion retailers have taken the leading position in terms of the volume of open stores (17%). In April-May, twice as many clothing, footwear and accessories stores were opened on the main shopping streets than in the first three months of the year. In general, among all segments, the total number of objects opened in the 2 quarter was by 15% higher than the number of closed ones.
“As a result of increased demand in the street retail market, a new trend has emerged - an increase in supply due to the withdrawal of areas not suitable for trade, or the fragmentation of premises into several parts,” says Vladislav Fadeev, head of research at JLL in St. Petersburg. - Shops and catering establishments open on the ground floors or in basements that have not previously been used for commercial needs, and in the place of one closed street retail object, several smaller ones may appear. As a result, despite the excess of the number of open stores over closed ones, the overall level of vacant premises in the market does not decrease. ” For the first time since 2014 of the year, on the main part of Nevsky Prospekt (up to Uprising Square), the share of free space fell below 2%. The main factor in the active demand for premises on the central highway of the city is the high tourist season. At the same time, on average, the share of vacant premises on the main shopping streets of St. Petersburg in the 2 quarter increased slightly - from 6,4% to 6,5%.
Vacancy rate in St. Petersburg street retail market
Source: JLL
Currently, the maximum rental rates on the market of central trading corridors in St. Petersburg, characteristic of Nevsky Prospekt, so far remain at the level of 12 thousand rubles. per sq. m per year (including VAT). JLL experts expect an increase in the maximum rental rate in the 2 half of the year due to the small amount of vacant space and activity of tenants.
The level of vacant space and the range of rental rates on the main shopping streets of St. Petersburg based on the results of the 2 quarter of 2016
|
Shopping corridor |
Vacancy rate in the 2 quarter |
The level of rental rates, rub. per sq. m per month (incl. VAT) |
|
|
Minimum |
Maximum |
||
|
Nevsky Prospect, the main part |
1,8% |
7 500 |
12 000 |
|
Staro-Nevsky Prospect |
9,7% |
2 500 |
5 000 |
|
Bolshoy Prospect P.S. |
4,9% |
2 500 |
5 000 |
|
Middle Avenue V.O. |
6,4% |
1 800 |
4 500 |
|
6-7 line V.O. |
8,9% |
2 500 |
5 000 |
|
Kamennoostrovsky Avenue |
4,3% |
2 500 |
6 000 |
|
Vladimirsky prospect |
7,5% |
2 900 |
5 000 |
|
Moscow avenue |
6,2% |
1 800 |
6 000 |
|
Sadovaya street |
10,6% |
2 000 |
6 000 |
|
B. Konyushennaya street |
10,0% |
3 500 |
8 000 |
Source: JLL
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