In 2020 office indicators did not show critical deviation. The supply structure and potential tenant preferences are changing. The annual take-up decreased by 24% compared to 2019 while the new inventory exceeded pessimistic mid-year forecast by 22%. The current economic situation, intend of the business to optimize costs and work-from-home will lead to demand stagnation. In 2021 new construction will be at the minimum level. We expect a slight correction of indicators in the short-term.
2020 was challenging for the consumer market and retail market in general. But there were no tough restrictions for retail sector during the second wave of the pandemic. This allowed shopping centers to maintain relatively stable vacancy level in Moscow. The footfall in the shopping centers remains behind the last year by 20-30%. However, operators register higher conversion rate. We expect that the retail market recovery will start in the mid-2021. Footfall and vacancy rate indicators will return to the pre-crisis level no earlier than by the end of 2021.
In 2020 take-up reached 2.37 mn sq. m. We expect stabilization of the market after a demand peak. In 2021 new construction will exceed 2020 indicator by 28% due to high investment activity, demand for ready to move in premises and new warehouse formats. Real growth of rental rates in Russia is in line with the European average.
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