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Lack of new business centers in the rental market and intensified demand from the companies of IT, construction, oil and gas sectors has led to a decrease in the vacancy rate to a record low level in class A. The vacancy rate in class B business centers has also continued to decline. These facts, along with Ruble exchange adjustments, led to an increase of rental rates: +21% in class A and +17,4% in class B in comparison with these indicators in December 2015.
The main annual growth of retail space in the market took place in Q3 2016. Shopping centers aim at increasing the share of entertainment component. Grocery chains of economy format, low budget food retail chains, baby-goods stores are actively developing.
Deficit of newly constructed speculative warehouses. 84% of warehouses commissioned in 2016 are built-to-suit projects. The majority of lease transactions is accounted for trading companies (46%). The demand from small manufactures for leasing and purchasing of industrial property is growing.
Apartment market is one of the most developing segment in St. Petersburg real estate market over the past 5 years. The intensified demand for such projects and city planning restrictions give rise to their rapid emergence. In the Northern Capital the apartment market resembles more the residential real estate market than the hotel one.
As of September 2016 the number of existing apartment complexes in St. Petersburg accounts for no less than 18 projects (more than 3,000 units).
During the first eight months of 2016 three projects with a total number of 464 apartments were put into operation.
By the end of 2016 the developers announced commissioning of 6 projects with a total number of more than 1,000 apartments.
In St. Petersburg not less than 15 projects are at the stage of construction (4,000 apartments) and planned for commissioning by the end of 2018.
At least 11 complexes (6,493 apartments) were announced for development.