Shopping centers in Moscow transferred rental rates to rubles
06.03.2015 3989

Shopping centers in Moscow transferred rental rates to rubles

Approximately 90% of the owners of the shopping center in Moscow converted rental rates from dollars to rubles, while foreign exchange rates fell sharply - in many cases by 40-50% at once, consultants from CBRE, Knight Frank and JLL said.

According to Knight Frank's research, in February 2015, compared to the beginning of 2014, only dollar rates for hypermarkets (from 7 thousand sq. M.) And supermarkets (1,5-3 thousand sq. M.) Remained unchanged - they amount to 100 –250 USD and 250–500 USD per 1 sq. M. m per year, respectively. For other formats, foreign exchange rates decreased, for example, for sports - by 63-75%, to 100-300 dollars, for children - by 11-20%, to 200-400 dollars, for clothes - by 20-25%, up to 600 –2000 USD

The consultants calculate the dollar rates themselves: almost 90% of the owners of retail real estate by February have converted settlements into rubles, says Yulia Sokolova, director of leasing of shopping centers at Knight Frank. Currently, the average rental rate in shopping centers in Moscow varies in the range of USD 400-1450 per sq. M. m

The maximum rates - in premium properties - remained almost unchanged: $ 2400- $ 4500 compared to last year's $ 3000- $ 4500, according to JLL.

The reason for this reduction was not only the recession in the economy, but also the record introduction of new retail space: according to the Magazin Magazin, 2014 thousand new square meters were launched in the capital in 684, which became an absolute record for the local market, which grew approximately doubled since 2007 - up to 400 sq. m per 1 inhabitants.

As a result, the vacancy rate in Moscow shopping centers increased from 3,5% at the end of 2013 to 6% at the end of the 2014.

Approximately 90% of the owners of shopping centers in Moscow transferred rental rates from dollars to rubles, while currency rates dropped sharply - in many cases, by 40-50% at once, consultants from CBRE, Knight ...

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