Up to 7% of warehouses in the Moscow region may become vacant in 2023
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The vacancy in the warehouse space market of the Moscow region in 2023 may grow to 6-7%. This forecast was shared by the head of the department for work with warehouse and industrial premises of IBC Real Estate (ex.JLL) Evgeny Bumagin at the conference of the Kommersant Publishing House “Results of the commercial real estate market”. At the end of 2021, the vacancy was 0.4%.
“Now the vacancy is approaching 5%, which is an absolute norm for the warehouse real estate market. You shouldn’t worry about this. In our forecast for 2023, we expect an increase in vacancies due to the fact that a large number of facilities are being completed and there is free space in them. This will directly affect rental rates. Even now, the market is heterogeneous: depending on the direction and the specific request, there are deals at rates approaching 6 thousand rubles. per sq. m, while in the other direction you can make a deal for 5 thousand rubles. per sq. m. Next year, due to the growth of vacancies, we expect an average rate of 5.4 thousand rubles. per sq. m,” said Mr. Bumagin.
According to the expert, rental rates in 2023 will be affected by the cost and volume of new construction, the stabilization of supply chains, new state support measures and the withdrawal of international companies from the market.
Recall that the total volume of transactions in the warehouse real estate market in the Moscow region for the period from January to October 2022 amounted to 1 million sq.m. The share of vacant premises was at a low level and amounted to 2.9%, taking into account sublease offers.
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