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The retail real estate market of St. Petersburg is on the rise
11.05.2011 2324

The retail real estate market of St. Petersburg is on the rise

Analysts at Penny Lane Saint-Petersburg predict that by the end of the year the commercial real estate segment will reach pre-crisis levels by the end of the year. “A number of retail and catering operators have decided to expand into the St. Petersburg market,” says Pavel Pikalev, director of Penny Lane Realty Saint-Petersburg. "Now they are actively considering premises, mainly of street retail format, and some of them are already opening new points." The following requirements are imposed on the objects: an area of ​​70-150 sq. m, location on the ground floor in places with high pedestrian traffic, electric power - from 15 kW. New brands enter the market, including international ones (Longchamp, Furla, Coccinelle, Michael Kors, etc.).

The activation of players in the market has already led to a shortage of quality supply in the most sought-after trade corridors, which has affected rental rates. According to company experts, since the beginning of the year, rates have increased by an average of 3%. Thus, renting a room on Nevsky Prospect costs $ 200-400 per square meter today. m per month, in the central shopping streets - $ 90-250 per square meter. m per month., in residential areas near the metro - $ 70–160 per sq. m. m per month., in sleeping areas remote from the metro - $ 20-70 per sq. m per month

In the street retail sale segment, demand is mainly for areas of up to 500 square meters. m. Prices range from $ 3000-6000 per square. The largest deal in luxury street retail was the sale by the RBI holding of the Esfera boutique gallery (total area of ​​2100 sq. m) of the Babochka multi-brand boutique chain. According to agency analysts, the deal could amount to approximately $ 10 million.

The company's experts note changes in the investment policy as well. “If during the crisis buyers were more interested in single discounted objects, now the players are solving more complex problems,” says Pavel Pikalev. - Long-term investments are becoming relevant again. The vacancy rate for retail space in St. Petersburg is gradually decreasing and currently stands at about 10%. This is influenced by the growing demand for premises and the situation with new construction. Now the shopping centers announced in 2008-2009 are being completed, there are no new projects. In the first quarter of 2011, only 1 Olympic Plaza shopping center was opened (total area 13 thousand square meters). In addition, about 15% of existing shopping centers require reconception, they were built relatively long ago and do not meet modern requirements.

“During 2011, we expect a gradual transition to the landlord market,” concludes Pavel Pikalev. - Lease terms, including a reduction in rental vacation, will become more stringent. However, the growth of rates will not be sharp and will average 10-12% per year. As for investments, we expect intensification in the market of foreign companies, which last year preferred to closely monitor the development of the situation and analyze potentially interesting proposals. ” 

Analysts at Penny Lane Saint-Petersburg predict that by the end of the year the commercial real estate segment will reach pre-crisis levels by the end of the year. “A number of retail operators ...
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