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Leningradsky Business District grants easy access to the city’s major thoroughfares: Garden Ring, Third Transportation Road, MKAD as well as to international airport Sheremetievo.
Growing decentralization trend adds to popularity of the submarket among tenants.
The majority of all class A offices beyond TTR is located in Leningradsky BD.
Active office development in the area. In 2014 around 150,000 sq m is announced for delivery.
New office buildings that are under construction will be delivered with tenant-oriented infrastructure.
Due to the limited number of options for large tenants inside the GR, new class A business centers in Leningradsky BD will become a perfect option for tenants looking for large offices with city center level of infrastructure and service at lower rents.
Moscow City - project implemented in accordance with international practice. The location and functional breakdown areas correspond with international experience. Solutions infrastructure problems are understandable. It remains to implement them in the planned scope and timing.
Construction business district seems quite aggressive. For example, definitely lacking in green (park) zones. Nevertheless, using space and river promenade, this issue can be resolved.
The area is a true alternative to the Central Business District. Current problems stem from the fact that the project is in the middle of the implementation process in the context of the construction of buildings, and in terms of transport infrastructure.
Decentralised offices (existing and under construction) are located in the western part of Moscow, in the north-west, west and south-west of the capital. New projects will also be located in these districts
Typical tenants are pharmaceutical, IT and telecommunications and FMCG companies
Delivery in 2014–2015 is likely to beat the record of 2007–2008 by 30%. Total delivery in 2014–2015 will reach 400,000 sq m of which 40% will be put into operation in 2014
Obviously a large amount of new delivery in one period of time will inevitably lead to a high level of competition on the supply side
We believe that the major tenants of business parks will remain traditional industries valuing characteristics such as high-quality construction, effective floor plates, optimisation and reduction of rental costs
2014 – 2015 are likely to be the last years when the city centre will see such large volumes of new supply, due to the legislative changes
New projects in the CBD are likely to focus on redevelopment of existing buildings
Transactions conducted in the CBD during 2014 totalled 171,700 sq m (23% of the total) which is 23% less than in 2013 (221,000 sq m). In 2014 take-up volume decrease was registered not only in the CBD but in the whole market (around 736,000 sq m was done in 2014, 1,072 mln sq m – in 2013)
Negative political perception of Russia, as well as forecasts for deterioration of economic performance in 2014 influenced mainly the premium office segment. Owners of Class A buildings in central locations with high vacancy rates are ready to offer individual commercial terms to reliable tenants
11 high-quality shopping centres were commissioned in the regions (all cities in Russia except Moscow and St. Petersburg) in the first half of 2015, covering a total leasable area of 398,000 sq m.
The total stock of high-quality retail space in the regions therefore exceeded 11 million sq m.
Delivery in the second half of the year will total around 520,000 sq m
Small towns with a population of less than 500 thousand inhabitants, meanwhile, will recover faster than others, seeing increases of 80-100% for new retail space.
The delivery of new quality retail space is stimulating the active expansion of existing retailers into regions. Novosibirsk, Barnaul and Perm were the most attractive markets in the first half of 2015
• In Q2 2015 the volume of newly delivered office space is expected to reach 170,000 sq m. So, for H1 2015 new delivery totals 260,000 sq m (47% less than in H1 2014).
• In H2 2015 around 840,000 sq m is announced for delivery (3 times more than in H1 2015). The volume of new delivery for 2015 is expected to reach 1.1 mln sq m.
• Due to the low level of new delivery in Q2, the market was relatively stable. We registered decrease of rents only in the small share of Class A business centres. Rents went down for 12% of available Class A space.
• Major changes in rents were registered in Class A office building within TTR with high vacancy (15-100%).