No slowdown seen in Russian commercial real estate investment market
According to Cushman & Wakefield, the total volume of investments in the second quarter of this year amounted to almost $ 2.8 billion, which is 15% more than in 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% less than in the first half of 2011 ($ 4,5 billion). Russian investors were more active in the second quarter, as a result of which the share of Russian and foreign capital in the first half of the year almost equalized, and the ratio Moscow / regions amounted to 72% / 28% - a ratio that corresponds to our market expectations in 2012. Given the market data, we revised our forecast for 2012 upwards from $ 6.5 billion to $ 7 billion.
Retail real estate continues to be the leader of the investment market with an investment volume of $ 2.05 million (almost 50% of the total investment volume). Investors' interest in high-quality retail properties remains, the volume of transactions in the second quarter amounted to $ 880 million. ... Now, amid negative expectations, investors are showing an active interest in retail 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 at a high level.