According to Colliers International, an international consulting company, in the third quarter of 2020, the share of vacant space in the main shopping corridors of St. Petersburg reached its maximum values over the past five years. At the same time, against the background of the weakening of restrictive measures, the growth of vacancies has slowed down - new shops and catering establishments continue to open on the main shopping corridors, and landlords are ready to show flexibility.
In September 2020, the street retail vacancy rate in St. Petersburg reached 14,4%, having increased by 1,5 percentage points over the quarter. This is the maximum value over the past five years. In total, as of the end of September, 43 premises were vacated on the main trade corridors, while a total of 123 premises (or every seventh premises) remain vacant on the central corridors in the third quarter.
The highest share of vacant space was recorded on Staro-Nevsky Prospekt - 18%. Over the past three months, catering points, clothing and footwear stores, branches of banks and financial organizations have equally closed here.
The vacancy rate on Nevsky Prospekt over the past quarter increased slightly (by 0,4 pp) and amounted to 14,8%. At the same time, if in the second quarter the largest number of closures fell on souvenir shops, in the third quarter, mostly cafes and restaurants were closed. In July-September, 11 catering establishments were closed on Nevsky Prospekt, but 7 new outlets were opened.
In the third quarter, the vacancy rate on Bolshoy Prospekt PS increased by 1,3 pp. up to 14%.
“Vacancy growth slowed in the third quarter due to the resumption of trading activity and the relaxation of restrictive measures. Premises are vacated, and on average, for a quarter of them, the exposure period on the market increases. Thus, one in four premises that were vacated from December 2019 to September 2020 found its tenant within three to six months, ”says Irina Tsarkova, director of the retail real estate department at Colliers International.
At the same time, the quarterly rotation on the main retail corridors amounted to only 1% - eight premises managed to change tenants in July-September. For example, on Bolshoy Prospekt, P.S. instead of the Laurel clothing and footwear store, the Syabu-shabu shop of Japanese dishes was opened. On Rubinstein Street, 34, on the site of the Tykva Store, a Russian designer clothing store Myseasons has appeared. TJ Collection at 129 Staro-Nevsky Prospect replaced the Aromatny Mir supermarket.
A total of 38 establishments were opened in the third quarter. Most - 40% - fell on Bolshoy Prospekt P.S. Boutiques of Italian brands of women's clothing Luisa Spagnoli and Status Boutique have opened here. A quarter of the openings were formed by Nevsky Prospekt, where eight new stores and establishments appeared, including the multi-brand Via Vittorio shoe store.
According to Colliers International's third-quarter report release, the growth in vacancy rates influenced changes in commercial terms: The requested rental rates are being adjusted within 5-10%. The owners are ready to offer discounts on premises that have been on display for a long time; in addition, new vacant premises are also generally offered at a certain discount. For example, on Nevsky Prospekt, the minimum boundaries of the requested rental rates have decreased from 6 rubles / sq. m / month up to 000 rubles / sq. m / month.
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