No slowdown seen in Russian commercial real estate investment market
According to Cushman & Wakefield, the total investment in the second quarter of this year amounted to almost $ 2.8 billion, which is 15% more than the second quarter of 2011. According to the results of the first half of the year, the volume of investments amounted to $ 4,2 billion, which is 7% lower than the first half of the 2011 year ($ 4,5 billion). Russian investors were more active in the second quarter, as a result of which the share of Russian and foreign capital almost equaled in the first half of the year, and the Moscow / regions ratio was 72% / 28% - a ratio that meets our market expectations for 2012. Based on market data, we revised our forecast for 2012 year to increase from 6.5 to 7 billion US dollars.
Retail real estate with investment volume of $ 2.05 mln (almost 50% of the total investment) continues to be the leader in the investment market. Investors' interest in high-quality retail facilities remains, the volume of transactions in the second quarter amounted to $ 880 million. Apparently, the experience gained by investors in the 2008 year played an important role, when in the conditions of the crisis, high-quality shopping centers boasted both a stable stream of customers and a good cash flow. flow. Now, in the face of negative expectations, investors are actively interested in shopping facilities of various categories - both prime class (Gallery in St. Petersburg, Seasons and Golden Babylon in Moscow), and regional projects (Bashkortostan Mall in Ufa , “Horizon” in Rostov-on-Don and “Gostiny Dvor Kronstadt” in St. Petersburg). High consumer activity, stable rental rates and a low vacancy rate keep investment interest high.