The commercial real estate market in Russia is recovering despite the stability in consumer traffic and even the high vacancy rate for large properties. In this respect writer “Kommersant” refers to the Mall Index (reflecting the number of visitors per thousand square meters of retail space) and market participants.
In the period from June 26 to July 2, the Index of Shopping Centers in Moscow, St. 2% lower output compared to the same period last year in St. Petersburg – comparable. The difference with pre-crisis 2019 was 26% and 25%, respectively. At the same time, consumer activity began to increase. Considering the negative factors that put pressure on the Russian economy, this trend can be evaluated as positive.
Market experts agree that vacancy rates in the two capitals have dropped slightly compared to the end of 2022. Considering that the market is gradually adapting and brands from friendly countries are entering, we can expect positive dynamics in the near future. Also, at the end of the year, the vacancy in Moscow has increased from 14.2% to 13%, St. Petersburg may decrease from 9.1% to 6%.
Analysts have calculated that around 10% of buildings in the street retail segment are vacant. However, the distribution of vacant buildings in the market is uneven. At the same time, there will be no significant changes in the market in the third quarter. In addition, the market is not particularly developing due to the lack of quality supply and the lack of commissioning of new plants.
April 7 Kommersant cites Focus Technologies data WroteAt the end of March, Moscow and St. He said the number of visitors to shopping centers in St. Petersburg increased by 4-6% after a long period of decline.
Previously reportedIt was reported that the volume of commercial real estate investments in Russia at the end of 2022 reached a historical record with 487.2 billion rubles.