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Russia MarketBeat

Tatyana Divina • 24/10/2019
Cushman & Wakefield MarketBeat reports analyse quarterly Russia commercial property activity across office, retail and industrial real estate sectors including supply, demand and pricing trends at the market and submarket levels.

Office

Against the backdrop of high demand, construction activity has increased. In 2019, new construction will exceed the last year’s anti-record by three times. Demand for office premises maintains the record high figure of 2018. In the coming years, a significant decrease in take-up is not expected.

Retail

Retail sales growth is limited due to the decline in consumer confidence and fall in real incomes. Consumption is now at a minimum. In 2019-2021, construction volume in Russia will remain at the level of the previous two years. Around 500,000-700,000 sq m of retail space will be delivered to the market annually.

Industrial

Despite the long-term trend of the vacancy rate decrease and the rise of rental rates in the Moscow region, developers do not show significant interest in speculative construction. In H1 2019, 73% of new construction was built-to-suit projects, and only 27% of new construction was speculative. In the regions, the share of speculative industrial property construction is higher than in Moscow.  

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