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.
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