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Repair work adjusts rental rates in the street retail of the capital
12.07.2017 2227

Repair work adjusts rental rates in the street retail of the capital

Reconstruction of the streets affects the level of vacancy in the main shopping streets of the capital and adjusts rental rates in street retail, analysts at JLL retail and warehouse real estate say.

According to JLL experts, in the 2 quarter of 2017, the share of vacant premises on the main shopping streets of Moscow increased slightly and amounted to 8,8%. The lowest vacancy rate for the six months was observed at Pokrovka (1,7%), Bolshaya Dmitrovka (2,2%) and Myasnitskaya (4,5%). On many streets, the share of vacant space remained at the level of the last quarter, which restrained the growth of vacancy in the central streets of Moscow as a whole. The exceptions were Petrovka Street, where the indicator grew by almost 3 pp to 11,8%, Garden Ring (increase by 1,6 pp, to 12,9%) and 1-y Tverskaya-Yamskaya (growth by 1 pp , up to 9,8%). On them, access to the premises was partially limited or difficult due to repair work.

In addition, in the 2 quarter of 2017, an increase in average rental rates was noted in Arbat (from 110 thousand rubles per square meter per year at the end of the 1 quarter of 2017 year to 115 thousand rubles at the end of the 2 quarter 2017 years). At the beginning of the year, rental rates on 1-I Tverskaya-Yamskaya Street decreased from 95 thousand to 70 thousand rubles. and on Petrovka - from 150 thousand to 130 thousand rubles. per sq. m per year.

Due to the decrease in rental prices on Petrovka, Nikolskaya Street entered the top 3 of expensive Moscow streets. At the same time, the vacancy rate on it decreased in the 2 quarter by 1,8 pp - up to 5,4%. This trade corridor is a convenient alternative to other central streets, since repair work has already been carried out on it.

Experts note that the decrease in rental rates on some streets is a temporary phenomenon, which will be compensated in the future. In general, the restoration of rental rates is expected by the end of the 2017 year.

According to JLL, the most active change of tenants was observed on Tverskaya and 1-I Tverskaya-Yamskaya streets (rotation on 9%), while in Stoleshnikov Lane and on Maroseyka Street, as well as on separate sections of the Garden Ring, the composition of tenants remained the same.

Reconstruction of the streets affects the level of vacancy in the main shopping streets of the capital and adjusts rental rates in street retail, the company’s retail and warehouse real estate analysts say ...
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