Markets of offices and shopping centers in Russia are gradually recovering positions lost during the pandemic, while actively testing new formats of work.
This conclusion was reached by experts interviewed by RBC, including Vyacheslav Rozhmanov, CEO of R2 Asset Management.
While the demand for rent of shopping malls and office centers has not yet reached pre-crisis levels, there is even a slight increase in the vacancy rate and a decrease in rental rates compared to last year. But, according to experts, this is largely due to the entry into the market of a noticeable number of new objects.
Most of the transactions today are in Moscow – this is where a quarter of the total Russian supply of high-quality retail space and about 70% of high-quality offices are represented.
In the first decade of 2021, transactions in more than 432 thousand square meters of offices were closed in Moscow, which corresponds to the pre-quarantine indicators.
From January to March alone, six new properties with a total leasable area of more than 309 thousand square meters entered the capital market – this is more than in the entire 2020.
Experts believe that the main Russian market trend is the rethinking of office space, in particular, the relocation of large companies to service offices. Tenants’ interest in flexible spaces is also growing: in three years, the share of flex-offices in Moscow has more than doubled.
In the retail real estate segment, traffic growth has become a landmark trend this year. According to analysts, by the end of the year, the attendance of Moscow shopping centers will reach 90% of the pre-quarantine rates.
Another notable trend is the growing collaboration of retailers. Bright examples of this, according to the CEO of R2 Asset Management Vyacheslav Rozhmanov, were the testing of the Magnit chain of kiosk stores with an area of 18 square meters, the cooperation of X5 Retail Group with McDonald’s and the sale of products from the Azbuka Vkusa through the Ozon online store.
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