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Russia is Europe's second largest retail property market
24.11.2014 6340

Russia is Europe's second largest retail property market

According to research by Cushman & Wakefield, Russia became the second largest retail property market in Europe in the first half of 2014, overtaking the UK. France took the first place in terms of the volume of retail real estate supply, where, according to the results of the first half of 2014, the figure was 17,6 million square meters. m. Since the first half of 2013, Russia has risen from third to second place with a supply volume of 17,5 million square meters. m. The third place was taken by Great Britain with a market size of 16,98 million square meters. m.

In the first half of the 2014 of the year, 53 new shopping centers were built in Europe, of which 12 in Russia, and 49 should open before the end of the 2015 of the year. Additional 4,57 mln sq. m of retail space are being built and announced for opening in the period from the second half of the 2014 year to the 2015 year.

According to Cushman & Wakefield estimates, the total supply of shopping centers in Europe by the end of 2014 will amount to 161,4 million square meters. m, which is 4,5% more than last year. In Central and Eastern Europe, in the second quarter, 1,4 million square meters were built. m, which is two times higher than in Western Europe, where 637 thousand square meters were opened. m of area.

“Russia is the largest European market in terms of retail turnover, but until recently, demand exceeded supply. The intensification of the development of shopping centers since 2010 has led to a large volume of new construction, which is now being commissioned, ”said Maxim Karbasnikoff, head of the retail real estate department at Cushman & Wakefield Russia.

According to experts, if all the declared shopping centers are open, Russia will overtake France as the largest retail real estate market in Europe. One example is Aviapark, the largest shopping center in Europe, which will open in 2014.

According to Karbasnikoff, external political instability, the depreciation of the ruble and stagnation in consumer demand in Russia are currently putting pressure on retailers. “Nevertheless, macroeconomic indicators remain positive in the medium term, and we expect the vacancy rate and rental rates to stabilize in the next six months,” he added.

According to research by Cushman & Wakefield, Russia became the second largest retail real estate market in Europe in the first half of 2014, overtaking ...
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