This year Moscow aims to welcome a wave of new shopping centers, with a planned total floor area reaching about 292 thousand square meters. Growth in new retail space is expected to be robust, roughly twice as large as last year’s activity. This outlook comes from market observers at IBC Real Estate, cited by RBC, reflecting a renewed pace in the city’s commercial real estate sector.
In detail, authorities expect that 15 shopping centers will enter service in Moscow, collectively totaling around 292 thousand square meters. A standout element is the Seligerskaya district, which alone could account for about 145 thousand square meters of that space. The market watchers note that Seligerskaya’s share will be nearly half of the new retail footprint announced for the year. The information was provided by the real estate firm overseeing the forecast, as reported by RBC referencing IBC Real Estate.
Previously, this firm disclosed a different year’s numbers, highlighting a total of 305,000 square meters of commercial real estate under its management. This marked a fall from the 2021 peak, when the sector reported roughly 913,000 square meters of space, and it stood as the lowest result in two decades of observation. The shift underscores a pause in expansion after a rapid spike seen earlier in the decade.
Beyond the raw space figures, the market narrative shows a gradual revival in Russia’s commercial property landscape. Fashion operators, cafés and restaurants, and specialized retailers have begun opening new outlets with greater frequency. Market participants and industry press have described this as a turning point, suggesting a steadier cadence of openings and renewals as consumer traffic returns. In Moscow’s shopping center market, a notable trend has been the easing of vacancies, a dynamic highlighted by NF Group data that placed the year-end vacancy rate at about 15.6 percent. This came after a wave of Western brand departures and the subsequent adjustment. By early 2023, analysts indicated that vacancies were being absorbed, with Italian brands and retailers from Turkey, Armenia, China and Belarus stepping in to fill spaces. This evolving mix is shaping a more diverse retail landscape, aligning with broader growth expectations for the city’s commercial districts. [Source: RBC, IBC Real Estate]