In the third and fourth quarters, the vacancy rate on Moscow streets will increase to a record 14%, while at the end of June the figure was 11.5%. Prior to this, the historical maximum was 13% and was recorded at the end of the second quarter of 2016. In St. Petersburg, the growth may turn out to be even more significant: the vacancy rate on the city streets may increase from 11.6% to 15% in some streets, Kommersant reports.
with reference to the head of the street retail department of JLL Ekaterina Podlesnykh. A positive effect of the growing vacancy rate in Moscow was the decrease in average rental rates. According to expert estimates, the adjustment was 5-13%. For example, premises on Old Arbat have fallen in price by an average of 11% (up to 85 thousand rubles per 1 sq. M per year), Pokrovka – by 13% (up to 70 thousand rubles per 1 sq. M per year). According to the expert's forecasts, this trend will continue: active negotiations between tenants and owners continue. “If it is impossible to negotiate discounts, they move to other locations with more attractive conditions,” Podlesnykh notes. In St. Petersburg, according to her observations, the situation is different and landlords are not yet ready to massively reduce rates. Yulia Korchagina, head of the Street Retail group at Magazin Magazin, notes an average 30% decrease in the cost of street retail premises in Moscow.
The vacancy rate of shopping centers, according to estimates of the director of the retail real estate department at Knight Frank, Evgenia Khakberdiyeva, in Moscow is now 9.5%. This is even 0.5 percentage points lower than the same indicator in June. At the same time, in objects commissioned more than two years ago, 5.3% of the area is vacant, and 11% is new. The average rental price for premises decreased by 25%. In St. Petersburg, according to CBRE forecasts, the vacancy rate in the third quarter may reach 10-15%. At the same time, the problems with attendance and occupancy are more acutely experienced by objects in the peripheral areas of the city.