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Record set in shopping center market in Moscow
02.04.2015 4003

Record set in shopping center market in Moscow

According to JLL, in the 1 quarter of 2015 in Moscow, a record volume of shopping centers was introduced - about 250 thousand square meters. m, which is the highest indicator of the 1-th quarter in the entire history of the market.

In the first three months of 2015, the Columbus shopping and entertainment center (136 thousand sq. M. GLA), the shopping center Kuntsevo Plaza (66 thousand sq. M.), Outlet Village Belaya Dacha, 2nd stage (12,7 thousand sq. M.) Were opened in Moscow. sq. m.), and on the last day of the quarter, the first visitors are received by the Central Children's Store on Lubyanka (34 thousand sq. m.).

According to JLL analysts, about half of the retail facilities, which are expected to be commissioned in 2015, opened in the 1st quarter. In total for 2015, developers announce the commissioning of over 850 thousand square meters. m of retail space in Moscow, however, according to JLL, the real result will be almost twice as low - about 450 thousand square meters. m.

“A similar situation was observed in 2009, when facilities that had begun before the crisis were being completed and entered the market. Thus, at the beginning of 2009, a record for the 1st quarter of the commissioning of retail space was recorded - 156 thousand square meters. m. In particular, it was during that period that one of the most successful shopping centers in Moscow, Metropolis, was introduced, ”comments Tatyana Klyuchinskaya, Director for Russia and the CIS, head of the department of retail space at JLL. - We expect that the facilities, which are currently at an advanced stage, will be implemented, but their opening may be postponed to next year - both due to delays in construction and under the pressure of the crisis situation on the market. "Paper" projects will be frozen until the economic situation stabilizes and demand from retailers grows. "

Rental rates on the Moscow shopping center market are under pressure from the economic situation, which affects even the most popular properties. For the first time since the crisis of 2008-2009, JLL experts recorded a decrease in the maximum rental rates in the top shopping centers of the capital: they decreased by 15% and today are in the range of $ 2-3,8 thousand per sq. m per year.

In turn, the average rental rate remains at the level of the previous quarter and varies in the range of 0,4-1,45 thousand dollars per sq. m per year. The share of vacant space in the shopping center continues to grow. According to JLL experts, in successful properties with high traffic and conversion rates, the indicator increased from 1% to 1,5%. The total vacancy rate in Moscow shopping centers, despite the large volume of commissioning in the 1st quarter, increased insignificantly - from 6% to 6,5%.

Many of the properties that have entered the market are almost entirely leased, but on average only about 30% of stores are open. “The low visual occupancy rate of the shopping center at the time of launch is a trend in the market today - the share of tenants opening together with the doors of the shopping center does not exceed 40%.

According to JLL forecasts, according to the results of the 2015 year, the market share of vacant space in shopping centers in Moscow will increase to 8%.

According to JLL, in the 1st quarter of 2015, a record volume of shopping centers was commissioned in Moscow - about 250 thousand square meters. m, which is the highest indicator of the 1st quarter in the entire history ...
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