Rental rates for retail premises on Nevsky Prospekt are growing in St. Petersburg Saint Petersburg, Nevsky Prospect
10.04.2023 2558

Rental rates for retail premises on Nevsky Prospekt are growing in St. Petersburg

The cultural capital of Russia is preparing for the tourist season, and already the first quarter of 2023 was marked by a decrease in vacancy on its main street - Nevsky Prospekt. According to NF Group in St. Petersburg, in the first quarter of the year, the share of vacant space on Nevsky Prospekt decreased by 1 percentage points and amounted to 0,4%. Rental rates increased by 7,6%.

Retailers' interest in retail real estate on Nevsky Prospekt is fueled by anticipation of the start of the tourist season and the influx of a large number of guests from China. An increase in demand for retail space and a decrease in vacancy rates led to an increase in rental rates on the main part of Nevsky Prospekt by 5% qoq.

At the end of March, the range of rates was 6–000 rubles. per sq. m per month, including VAT. On Staro-Nevsky Prospekt, the rates are still unchanged and are in the range of 10–500 rubles. per sq. m per month, including VAT.

In the first months of the year, several souvenir shops, cafes and bakeries opened on Nevsky Prospekt. A new outerwear store made of eco-friendly materials, Green Label, has appeared (Nevsky Prospekt, 164), and a shoe store called Santoni (Nevsky Prospekt, 168) has opened.

For more than a year, eight premium segment stores have been temporarily closed on Staro-Nevsky Prospekt: ​​Brunello Cucinelli, Bvlgari, Dior, Louis Vuitton, Comme des Garcons, Chanel, Fendi, Omega.

 

The cultural capital of Russia is preparing for the tourist season, and already the first quarter of 2023 was marked by a decrease in vacancy on its main street - Nevsky Prospekt. According to NF Group in…
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