In the first half of the 2011 year, rental rates on retail space showed a steady increase
Praedium Oncor International analyzed the retail property market in the 1 half of the 2011 year. The trends characterizing this segment in the second half of the 2010 of the year continued at the beginning of the 2011. In the 1 quarter, the demand for retail premises was steadily increasing, the volume of vacant retail space was decreasing, rental rates showed moderate growth. In the second quarter of 2011, the dynamics of changes in key indicators continued, but the pace of change slowed.
According to the consulting company Praedium Oncor International, one of the most notable events in the retail real estate market in the first half of the year was the opening on May 22 of the AFIMALL City shopping and entertainment center on the territory of the Moscow-City MIBC. This facility became the largest in 2011. At the moment of opening in the shopping and entertainment center (GBA - 180 sq.m, GLA - 000 sq.m), about 114% of the area was commissioned. All major retail chains are present among the tenants. It is expected that by the end of the year the shopping and entertainment center will be 000% filled with tenants. The growth in demand and the increase in the level of rental rates in the first half of the year, in particular, is explained by the increased activity of most retailers, which manifested itself in the opening of new stores in Moscow and large regional cities. The most active were grocery retailers, children's goods stores and clothing stores.
At the end of the first half of the 2011 year, the total space in high-quality shopping centers in Moscow is approximately 7,65 million square meters. m, of which 3,98 million square meters - retail space.
In the first half of the 2011 year, several retail properties were put into operation with a total sales area of about 180 000 sq.m. TPU “Planernaya” also made a significant contribution to the offer of high-quality retail space (GBA - 50 380 sq. M, GLA - 14 790 sq.). Other significant objects that opened in the 1 half-year are the Northern Lights shopping center (GLA - 12 250 sq.m), the MonArch shopping center (GLA - 10 750 sq.m) and the Shopping Center within the framework of the IFC Summit (GLA - 5 482 sq.m).
The activity of most retailers, announcing plans to expand retail chains, has influenced the growth in demand and the increase in rental rates. In the first quarter of 2011, there was an increase in demand for retail space both in the segment of shopping centers and in street-retail, and rental rates showed a smooth increase. At the same time, the share of free space in the segment of high-quality shopping centers decreased from 6,5% in the 1 quarter of 2011 to 5% in June and is close to zero in the street-retail segment.
Praedium Oncor International has analyzed the retail real estate market in the 1 half of the 2011 year.
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