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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.
In H1 2016 one new shopping centre, Riviera, of 91,200 sq m GLA was delivered in Moscow.
6 new shopping centers are announced to be delivered by the end of the year. Five of them have a high probability of opening in Q3.
By the end of the year, shopping centre completion in Moscow may reach about 400,000 sq m.
In H1 2016, the vacancy rate in shopping centres remained flat at 9.3%. Minor growth of vacancy rate in new projects occurred due to completion of Riviera shopping centre.
In existing shopping centers delivered before 2014 the vacancy rate has been stable, at 7% for the last six months.
Several types of rental scheme are currently used in the market. They include various combinations of base rental rates and/or % of turnover as well as different contract currency options: US dollars, rubles, US dollars with a fixed exchange rate or corridor for a defined period.
In Q2 2016 111,800 sq m of new office space was commissioned. Thus, 174,900 sq m were introduced in H1 2016, which is 22% lower than in H1 2015.
Take-up volume in H1 2016 increased by 69% YoY and amounted to 557,100 sq m, 208,600 sq m (37%) of which are two business centers – Eurasia Tower (93,900 sq m) and President Plaza (114,700 sq m), which were withdrawn by VTB and Sberbank, respectively.