Warehouse rental rates in Moscow have reached a historical high – Kommersant
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The rental rate for warehouse premises located in the Moscow region reached a record – 7.9 thousand rubles. per sq. m per year, which is more than 40% higher than the figure for the third quarter of 2022. Member of the board of directors, director for warehouse and industrial premises of IBC Real Estate (ex.JLL) Igor Krotenkov spoke about this at the conference “Retail Day: e-com, logistics, warehouses”, organized by the Kommersant Publishing House. At the same time, the commissioning of new space in the period from January to September 2023 amounted to only 941 thousand square meters. m, which is 18% less than the figure for the same period in 2022, and the volume of demand for warehouses in the Moscow region almost reached the annual record in 2021, amounting to 2.2 million sq. m.
“The stakes are unrealistically high at the moment. If at the beginning of this year we started with a rate of around 5 thousand rubles. per sq. m, now if an object appears on the market by a lucky chance, then the rate starts from 8 thousand rubles. per sq. m,” said Mr. Krotenkov.
The expert also noted that the share of vacant space is only 0.3%; currently available options account for 89 thousand square meters. m. “Vacancy is at an extremely low level, the situation is wildly unhealthy and largely speculative. This is influenced by several factors: logistics has broken down, which is why we have to store three times more goods in warehouses, many foreign brands have left, and several Russian companies are trying to take their place,” he added.
As before wrote “Kommersant”, increased demand provided warehouse space with 1st place in price growth in the commercial real estate market. Over the past year, the cost of such objects has increased on average by 67%, while retail space has risen in price by 9%, and offices have fallen in price by 6%. Experts are confident that the trend will continue due to the increasing shortage in the warehouse market, rising rental rates and construction costs.
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