Rental rates for retail real estate in Moscow went up again
Despite the fact that the number of new shopping centers is growing in Moscow, in the future two years rental rates for retail property in the capital will return to the pre-crisis level, experts at Colliers International forecast.
“At the moment we are observing a tendency towards stabilization of rental rates, while in successful shopping and entertainment centers we record a smooth increase in rental rates. We expect that in the next year or two, ruble rental rates will be able to approach pre-crisis levels. As the economy stabilizes, developers will consistently abandon the existing concessions designed to help fill vacant premises, ”comments Dina Postolenko, executive director of the retail real estate department at Colliers International Moscow.
According to analysts at Colliers International, the total supply of high-quality retail space in Moscow and satellite cities in the first half of 2016 amounted to 6 275 thousand square meters. m, 87% of which falls on classic shopping centers.
The leaders in the first half of the year among Moscow shopping and entertainment centers (opened until 2016) in terms of the number of new store openings were the shopping and entertainment centers Aviapark, Columbus, Mozaika, Zelenopark, Evropeyskiy and Afimall City. In total, 6 new tenants with a total sales area of more than 80 thousand square meters were opened in these projects in 55 months. m. About a third of the open space (32%) fell on the Aviapark shopping and entertainment center, including due to the opening of such large tenants as Kidzania, KIABI, Gloria Jeans and Leonardo; 26% of the space was opened in the Zelenopark shopping and entertainment center, which launched in the second quarter a fashion plaza - a gallery of clothing and footwear operators, which, among other things, included fashion anchors Zara, H&M and Reserved.
In the first half of the year in shopping centers in Moscow, open before 2016, fashion-operators (59%) formed the bulk of the space in new discoveries, and entertainment operators (18%) took second place. In terms of the number of openings, fashion operators (54 stores) are leading again, followed by catering enterprises (12 new outlets).
In the first half of 2016 in Moscow, four professional shopping centers with a total trading area of 129,6 thousand square meters were commissioned. m: shopping center "Riviera", shopping center "East Wind", shopping center "Watercolor South", shopping center "New".
According to Colliers forecasts, in the second half of 2016, about 425 thousand square meters will appear in the retail real estate market of the Moscow region. m of new high-quality retail space. At the same time, half of this volume of space has already been opened in the third quarter, namely, such malls for the Moscow market as the Riga Mall, Oceania, the second phase of Metropolis and Kosino Park. In total, today in Moscow and satellite towns at the different stages of construction there is about 850 thousand square meters. m of space in professional shopping centers, excluding frozen objects. This year, in the Moscow region, not a single project was launched to build a large shopping center, and among the "young" construction projects that started at the end of 2015, include the construction of the IFC on Kashirskoye Shosse at the site of the Capitol shopping center by Enka, as well as construction of an amusement park "Island of Dreams" by the company "Regions".
Despite the fact that the number of new shopping centers is growing in Moscow, in the future two years rental rates for commercial real estate in the capital will return to the pre-crisis level, - ...
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