Kommersant announced the recovery of commercial real estate markets

Commercial real estate markets in Moscow and St. Petersburg showed signs of moderate recovery in May, writes newspaper “Kommersant”.

Thus, according to Focus Technologies, traffic in shopping centers in Moscow in the first week of May was 2% higher than last year, and in St. Petersburg – 4%. At the same time, the gap with the pre-crisis 2019 indicators remains at the level of 26-27%. Evgenia Khakberdieva, director of the retail real estate department at NF Group, in turn, pointed to a decrease in the share of vacant space in the most popular metropolitan shopping centers. The areas of the departed brands are increasingly being occupied by the remaining international retailers and local network players, she noted.

The experts interviewed by the publication also point to the recovery of the street retail segment. According to Marina Malakhatko, Senior Director of CORE.XP, at the end of this year, the market will begin significant openings of boutiques and iconic federal brands. Now new alcohol markets, grocery stores, catering establishments, as well as jewelry and cosmetic retailers are actively opening, said Irina Burenko, Deputy General Director of R4S group.

In the Moscow office real estate market, the volume of transactions in Q2 is likely to be no lower than in April-June 2022, Kirill Babichenko, director of the CORE.XP office real estate department, believes. At the same time, compared with the record I quarter of this year (439,000 sq. m), the figure may decrease, he admitted. In St. Petersburg, in January-March, the number of purchased and leased space decreased by 25.9% due to a reduction in the average transaction size in class A objects (by 28%, to 750 sq. m.) and class B (by 42%, to 430 sq. m.), said Alena Volobueva, director of the Maris market research department.

How wrote Earlier than Vedomosti, the total volume of transactions in the Moscow office real estate market in the first quarter of 2023 was the highest in the first three months of the year over the past 15 years. Among the largest transactions is the acquisition by Astra Group of Companies of one building for 22,300 sq. m in the business district Ostankino Business Park in Ogorodny proezd. Besides, Promsvyazbank rented 13,916 sq. m in the Baltschug Plaza business center in the center of the capital, and Rosagroleasing rented 7,000 sq. m. m in the Prime Time office complex not far from Leningradsky Prospekt.