The commercial real estate market in Russia is showing signs of exiting the crisis.
The total area of completed commercial real estate projects throughout the country in the first 9 months of the year increased six-fold compared to the same period of the previous year and reached 315,000 square meters.
According to the Kommersant newspaper, the opening of 40% of the completed shopping centers in Moscow may be postponed due to lower demand for rent.
According to officials of Magazin Magazinov, one of the most important commercial real estate companies, the best places to build new shopping and business centers in Russia in the near future are cities with a population of less than 300 thousand. The share of this segment in the total was 29 percent in the last quarter.
14 completed shopping centers in Moscow
In the first three quarters of this year, there were 14 completed shopping centers throughout the country.
47.5% of the total area of these shopping centers was in Moscow.
The size of commercial real estate space opened in Moscow in nine months reached 150 thousand square meters.
However, the vacant rate of commercial real estate in Moscow has decreased by only 0.5% compared to the previous quarter.
According to Knight Frank data, the vacant commercial property rate in the city is 6.6%.
Analysts believe that renter are interested in newly opened shopping centers, so old malls remain empty.
By the end of the year, the total area of commercial property expected to be used in the city will be 226 thousand square meters, while the area outside Moscow will be 175 thousand square meters.
However, representatives of agencies such as Knight Frank find these numbers are optimistic. However, The opening of some shopping centers may be delayed due to the lack of customers.
Edit by: Realty Group