Tuesday, April 16, 2024
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Retail space provision is stable

(−60%) Shopping Centers Commissioning in Moscow • Jan-Jun 2021/20

From January to June 2021, commissioning of shopping centers in Moscow reached 64.5 thousand square meters of the gross leasable area. This represents a 60% decrease of the new supply year-over-year.

Opening of two objects in the 2nd quarter contributed to this new supply: “Sayany” shopping and entertainment center (GLA 3,000 sq. m), and “Flotiliya” shopping center (GLA 23,000 sq. m).

Taking into account the size of commissioned objects, the level of provision of Moscow residents with high-quality retail space has not changed and amounts to 532.2 square meters per 1,000 people. According to this indicator, Moscow is ranked 4th among million-plus cities of Russia, ahead of St. Petersburg, and after Yekaterinburg, Samara, Nizhny Novgorod.

At the end of the quarter, an increase in the level of vacant space in Moscow shopping centers was recorded up to 12.5% (2.5 percentage points higher than in the 2nd quarter of the previous year).

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.

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Macroregional Context