Vacancy rates in top-end shopping centers in Moscow has returned to pre-crisis levels

MOSCOW, October 12. The vacancy rate in the top in attendance and the number of purchases shopping centers of Moscow by early October had fallen to 1%, returning to the level of 2014, this is stated in the study of the consulting company Jones Lang La Salle (JLL).

Compared to 2014 the share of vacant space in key shopping centres fell by 50 basis points (from 1.5% to 1%). In this case prior to the deterioration of the economic situation in the country and this share even tends to zero, say analysts.

Overall vacancy rates in shopping centers in Moscow in the third quarter of 2015 remained at the level of the previous three months and amounted to 7.5%. By the end of the year, the JLL experts expect growth rates to 8%. The increase is due to the pressure of opening new shopping centres and the continued rotation of tenants.

“The forecast is considerably inferior to the record rate of 11% recorded at the market shopping centers in Moscow in 2010 We do not expect a significant increase in vacant premises on the market and exceed that record in the near term because of the gradual filling of the tenants introduced in recent times and the decline of new entry,” – said the head of the Department of retail space JLL Tatiana Klyuchinskaya.

In addition, due to the increased competition among shopping malls dialogue between the owner and the tenant has changed – the developers have become more flexible in negotiations trying to achieve a minimum level of vacant space in its facilities, he said.

According to JLL for the first 9 months of 2015 in Moscow was introduced about 387 thousand sqm of retail space , which exceeds the result of the same period of the previous year by 36%. The total supply of retail real estate in the city has reached 4.57 million sq. m. for the 3rd quarter in Moscow was introduced only one shopping center and the quarterly volume of input amounted to 45.3 thousand square meters (an increase of 5% year-on-year).

Overall for 2015, JLL expects a decline in the volume of commissioning of shopping centers in Moscow as compared to the previous year by 25% to 450,5 thousand square meters.