Retail Real Estate Market Slows Down 2,5 Times
In 2011, 315 thousand square meters of retail real estate were commissioned on the Moscow market, which is 2,5 times less than a year earlier, and 3 times worse than the same indicators in 2009, according to a study by Penny Lane Realty on Moscow street retail for 2011.
Such a significant decrease in the growth rate of supply is explained by the fact that the terms of commissioning of shopping centers with a total area of more than 660 thousand square meters were postponed to 2012. The only large shopping center that opened in 2011 was Afimall City with an area of 179 thousand sq. M.
The ban on construction within the Third Transport Ring and the orientation of the policy of the Moscow Construction Department towards the construction of retail facilities with an area of up to 5-10 thousand sq. M. Forced many developers to concentrate their activities in the regions: for example, in St. Petersburg, Ryazan, Orenburg, Chelyabinsk or Ufa. In 2011, the total area of retail facilities opened there amounted to 720 thousand square meters. In the next two years, this trend will only intensify.
Due to extremely limited new supply, properties that opened in 2011 or will be completed in the next couple of years are causing a rush of demand from retailers. Experts note that retail operators are already experiencing a shortage of vacant premises: the most acute shortage of areas is 100-500 sq. M: they account for 41% of tenants' applications.
“Due to the lack of high-quality supply in shopping centers, the demand for retail premises is flowing into the street retail segment, which we see both in terms of the volume of concluded transactions and the number of requests for accommodation. The most demanded premises for rent throughout 2011 remain areas of up to 100 sq. m: here the demand reaches 49%. The second place is taken by shopping galleries of 100-300 sq. M. (23%), followed by premises of 300-700 sq. M. (18%) ", - comments Alexey Mogila, director of the department of retail and regional real estate at Penny Lane Realty
The vacancy rate in the most demanded shopping centers is 3-5%, with a constant rotation of tenants. At objects that are in less demand, this figure reaches 10%. In the street retail segment, despite the growing demand from tenants, the number of vacant premises compared to 2010 remained practically unchanged. At the end of the year, rental rates in shopping centers increased by an average of 12%. In most cases, the monthly payment for premises over 500 sq. M. Is charged according to the "fixed +% from turnover" system. The site malls.ru writes about it
In 2011, 315 thousand sq. M. Of retail real estate were commissioned on the Moscow market, which is 2,5 times less than a year earlier, and 3 times worse than the same indicators in 2009, it is noted in ...
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