The volume of commercial real estate investments in Russia rose sharply in 2022, climbing by 44% to 256 billion rubles. This level comes close to the record years of 2013, 2014 and 2017, according to CORE.XP analysts cited by RBC. The 2013 figure stood at 266 billion rubles, the 2016 figure hovered around 274 billion rubles, and 2017 reached 271 billion rubles. Importantly, the article notes that foreign investment in the Russian commercial real estate market at the end of last year reached a multi-year high, signaling growing confidence among international investors despite market fluctuations.
In 2022, the surge of 44% in domestic real estate investment was matched by a notable foreign capital contribution, with foreign investments totaling 88 billion rubles, setting a multi-year record. This reflects a shift in the market dynamics as local and foreign players recalibrated their exposure to Russia’s commercial property sector.
The RBC March issue, drawing on data from IBC Real Estate, highlights additional development plans. Shopping centers with a combined area of 292 thousand square meters are scheduled to begin operations in Moscow this year. This planned launch represents more than two times the amount recorded in the previous year. Industry analysts emphasize that the Russian commercial real estate market has begun a steady recovery following the withdrawal of several foreign brands and manufacturers, with renewed optimism about occupancy and leasing activity across key segments.
Market observers note that 2022 was a pivotal year for the sector as the balance between domestic investment potential and foreign participation adjusted to changing geopolitical and economic conditions. The trajectory suggests a cautious but improving environment for retail and mixed-use developments, guided by stronger demand fundamentals in major urban centers and more disciplined capital deployment from both local and international investors. The shift indicates a longer-term confidence in Russian commercial real estate prospects, supported by ongoing development pipelines and strategic asset repositioning in response to market exits and consolidations.
As the year progressed, property developers and managers focused on optimizing space utilization, amenities, and accessibility to attract tenants across shopping, office, and logistics sub-sectors. Analysts forecast continued gains in transaction volumes as market participants align on value creation through modernization, sustainable design, and efficient property management. The combination of record foreign flows and robust domestic activity signals a balanced demand cycle and the potential for further growth in Moscow and other major cities across the country.