From January to June 2022, commissioning of shopping centers in Moscow reached 38.1 thousand square meters of the gross leasable area. This represents a 41.8% decrease of the new supply year-over-year.
Taking into account the size of commissioned objects, the level of provision of Moscow residents with high-quality retail space is up by 7.7% year-over-year, amounting to 573 square meters per 1,000 people.
At the end of the quarter, an increase in the level of vacant space in Moscow shopping centers was recorded up to 13.4% (0.9 percentage point higher than in the Q2 of the previous year).
The second quarter began with high uncertainty while some 180 foreign brands announced the suspension of commercial, investment activities, as well as deliveries to Russia. In response, Russian companies also paused development and began to deal with logistics and operational issues. At the moment, Russian players have taken an observant position to decide on further steps that will depend directly on foreign retailers.
The market supply of new or renovated shopping centers is a key factor shaping the demand for professional retail furniture, in short to medium terms. We are tracking this indicator more closely within our extended Market Reports.
