The volume of commissioning of high-quality retail space in St. Petersburg in the 2012 year will increase by 33% compared to the 2011 year. At the same time, despite the significant volumes of commissioning of new facilities, the share of vacant space in the market practically did not increase.
The volume of high-quality retail real estate in St. Petersburg is about 3,4 million square meters. m. In the first half of the year 2012 was introduced 144 thousand square meters. m of retail space (3 new facility). Such data are presented in a study by London Real Invest.
According to the company's forecasts, in the second half of the year it is expected to commission shopping facilities with a leasable area of about 127 thousand square meters. m. Thus, over the 2012 year, the total volume of commissioned retail space will exceed the 2011 indicators of the year by 33%, and the total increase this year will be 8%.
At the same time, analysts note that the share of vacant areas in facilities, despite a significant increase in new areas, has not significantly increased. The average vacancy rate is 4,5%; during the peak period of the crisis, this indicator was 15%.
From market trends, experts also note the activity of the owners of shopping centers towards the conception and change of tenants in objects in order to increase occupancy and increase profitability. Some shopping centers expand their retail space, since the ones used are filled several years in advance.
In general, according to RBC daily, in the first half of 2012, almost half of the investments in the Russian commercial real estate market fell on retail space, overtaking investments in office construction for the first time in five years. Amid the decline in quality supply in Moscow, investors conclude more and more transactions in the regions, concentrating mainly on shopping centers, analysts explain.
According to the results of the first six months of the 2012 year, $ 1,523 billion was invested in Russian commercial real estate, which is 44% lower than in the same period of the 2011 year, experts from CBRE consulting company calculated. At the same time, the share of transactions in the retail market for the first time in recent years has surpassed the office segment, CBRE points out. In the first half of 2012, commercial real estate accounted for 49% of investments, while office real estate accounted for only 37%.
In the remaining half of the year, analysts predict an increase in investment in Russian commercial real estate due to problems in the euro area. “Today, Russia seems to be a relatively less risky and profitable place for investment,” says Matiash Serzhak, Director of Investment Services at Colliers International. For his part, Director General of Retail Row Marat Manasyan adds that in Russia risk levels are higher than in European countries, but profitability is also higher. According to Jones Lang LaSalle, the minimum capitalization rates in Moscow in offices and trade are 9%. At the same time, capitalization rates in the trading segment in Paris are 5%, in London and Warsaw - 6%, retail.ru reports.