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The share of vacant retail space increased in St. Petersburg to 6,5%
15.07.2015 2997

The share of vacant retail space increased in St. Petersburg to 6,5%

The vacancy rate in shopping centers in St. Petersburg continues to grow. According to JLL, for the 2nd quarter of 2015, the vacancy in high-quality shopping centers increased to 6,5%.

Among the retired tenants of shopping centers in St. Petersburg, more than half of the space is occupied by retailers of clothes, shoes and accessories, while among new stores the share of this category is less.

In general, for the 2nd quarter, 30% more tenants closed in existing shopping centers in St. Petersburg than new ones appeared. In a changing market, retailers turned to the owners of shopping centers to review the terms of the lease. In most cases, retailers compromised with landlords about individual rental conditions, for example, about a discount or rate fixing for foreign exchange contracts. In some cases, there was an optimization of the location of the store inside the shopping center: for example, a number of stores moved to more attractive premises in the shopping center. However, sometimes it was not possible to reach acceptable conditions, which contributed to an increase in the share of vacancies. The most serious contradictions between the owners and tenants resulted in the appearance of actually closed stores in a number of shopping centers.

According to forecasts by JLL analysts, by the end of 2015, the vacancy rate in St. Petersburg shopping centers will increase to 7-7,5%.

The vacancy rate in shopping centers in St. Petersburg continues to grow. According to JLL, for the 2nd quarter of 2015, the vacancy in high-quality shopping centers increased to 6,5%.
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