Moscow, Nikolskaya street
The vacancy of retail premises on the central streets of Moscow is growing
According to the agency of the consulting agency Colliers International, in the third quarter of 2019, an increase in vacancy was observed on all major shopping corridors of Moscow (with the exception of Patriarch's Ponds). The average vacancy rate on pedestrian streets increased from 3,8% in the second quarter to 4,1% in the third quarter, on the Boulevard Ring - from 6,6% to 8%, and on central streets - from 5,2% to 6,4 %.
Experts attribute the increase in the share of free space with the expiration of leases under contracts that were concluded in the pre-crisis time (2013), suitable indexation and the reluctance of the owners of retail premises to meet their tenants.
The average vacancy rate of retail premises for the quarter increased by 0,7 percentage points. and amounted to 6,3%. Colliers predicts this trend will last until the end of the year and the vacancy rate may rise to 7%.
Over the year, the share of vacant premises has significantly increased on six main streets of Moscow. On Nikolskaya, the vacancy rate increased by 10 pp, on Petrovka - by 3 pp, on Myasnitskaya - 4 pp, on Rozhdestvenka - 4 pp, on Novy Arbat and Arbat - 6 pp. ... and 1 pp, respectively. The increase in the indicator on these streets is primarily due to tenants leaving the premises and the inability of retailers to pay high monthly rent. The increase in vacancy has already led to a decrease in rental rates, which on average fell by 8-16%.
According to the agency of the consulting agency Colliers International, in the third quarter of 2019, an increase in vacancy was observed in all major shopping corridors of Moscow (except for ...
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