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CEE CRE investment market (excl Russia) up by 11% Y-o-Y, based on preliminary data.
Continued strong interest in commercial real estate driven by low interest rates and increased allocation towards the asset class.
Based on the deal pipeline a strong Q4 2014 is expected. No signs of a slowdown of this activity are visible in the marketplace and therefore a continuation of increasing volumes is anticipated into 2015.
Poland’s real estate market continues to attract strong investment. Limited availability of product in prime segment makes capital considering CZ, RO, HU as alternatives.
Investment in the Czech Republic, Hungary and Romania increases further.
Russia’s CRE investment drops around 45% Y-o-Y. Cross-border activity during Q3 was concentrated on prime properties with low vacancy
A total of 496,000 sq m was delivered in Q3. This is a record-breaking amount of new supply, comparable to that of 2008
More than half of the new delivery was Class A: Vodny, Lotos, Comcity, Romanov Dvor III, Dominion Tower
In comparison with Q2, take-up increased by 175% to 231,000 sq m
80% of total take-up was Class B, and 20% Class A
Russian companies are the major takers of space, representing 84% of total take-up
Office units of less than 1,000 sq m are in highest demand, representing 74% of the total number of deals
Following the trend seen in Q2, most of the take-up is concentrated in the central part of the city, inside the Third Transport Ring (56%)
The vacancy rate increased from 14.5% to 15.1%
The Class B vacancy rate increased from 12% to 12.3%, and the Class A rate from 24% to 24.5%
Rental rates are still feeling the influence of geopolitical issues, which provide a negative background, as well as the pressure of a large volume of new delivery, which may lead to an increase in vacancy even in a stable market
In Q3 2014 four new shopping malls were delivered: two of these were part of mixed used complexes (Vodny and MC), and there were two neighbourhood format malls – Bravo and Alfavit.
In total, 75,500 sq m was delivered in Q3 bringing the total since the beginning of the year to 365,500 sq m which is a record high amount.
The total stock of modern retail space in Moscow therefore reached 4,456,000 sq m or 367 sq m per 1,000 inhabitants.
The vacancy rate in Moscow shopping malls reached 3.8%.
During Q3 2014, 11 new international brands opened their first stores in Moscow, which is the highest number this year. All in all, 29 new international chains entered the Moscow market in the first nine months of the year.
Shopping Index, which measures average footfall in Moscow shopping malls, began to show a negative trend. This has particularly affected large-scale shopping centres.
The average vacancy rate in street retail amounts to 7%.
The redevelopment of Pyatnitskaya Street and Pokrovka Street is complete. This has resulted in a 20% increase in rental rates.
The current CRE market weakness to large extent is still driven by negative sentiments rather than fundamental factors
Market will remain under pressure, at least, until Q1 2015 included
Starting from Q2 2015, we might witness a gradual restoration of market balance, followed by a recovery in rental rates
Alternatively, CRE market indicators will be “flat”, with a possible deterioration, depending on the depth of an economic recession. In this case, the decrease in take up volumes in 2015 might exceed 20% compared to 2013
The problem of labour resource capacity is current for the whole logistics business. This is due not only to the recent emergence of the sector and to the infancy of the vocational training system, but also to the active growth of logistics in general.
The Moscow region, despite the fact that it is overcrowded, suffers from the common trend of labour force availability in the logistics industry. Moreover, the problem of labour resource capacity in the Moscow region in particular results from the uneven distribution of warehouse property geographically compared with population density.
The wealthiest locations in terms of labour resources are the North-East and East directions, while the main warehouse stock is in the North, North-West, South and South-East of the Moscow region.
This has led to local workforce shortages in most geographic directions and has resulted in competition for staff between logistics companies.