Cushman & Wakefield has prepared a final report on the state of the retail real estate market for the period January-March 2014. According to these data, ten new properties were commissioned in the first quarter of this year, which is 40% more than in the same period last year.
Discoveries of new objects were recorded in a number of Russian cities, including: Moscow, St. Petersburg, Murmansk, Orsk, Novokuznetsk, Yekaterinburg, Ivanovo. Thus, the total area of all the projects put into operation amounted to more than 410 thousand square meters. meters. For comparison: in the same period of January-March 2013, only six shopping centers were opened with a total trading area of almost 257 thousand squares.
New retail properties have appeared in the Moscow region. Three complexes began to operate here at once: "Moskvorechye", "Hudson" and "Reutov Park". In addition, the new shopping center Vesna! will open in early April. New phases of existing shopping centers have been launched in St. Petersburg, Yekaterinburg, Murmansk and Ivanovo. Two new players entered the market of Novokuznetsk and Orsk: the technical openings of the complexes have already taken place, but the shopping galleries continue to fill up.
Rental rates and demand from retailers are stable, according to a Cushman & Wakefield report. “However, fluctuations in the exchange rate and the uncertainty of the further positions of the ruble, leads to the need to more carefully study the terms of lease agreements,” the company's experts believe.
Maxim Karbasnikoff, head of the retail real estate department at Cushman & Wakefield, believes that new high-quality shopping centers, which are planned to open during 2014, most likely will not experience problems with occupancy. The specialist explains this by the fact that despite the increased caution of tenants in connection with the volatility of the exchange rate, most of them most likely will not cancel the already planned openings for 2014.
In its first quarter report, Cushman & Wakefield also provides its full-year forecast for more than 2014 new properties with a total sales area of approximately 50 million sq. M. meters.