The overview presents the results of the commercial market development in Q3 2010, including the commercial market of Moscow and regions, as well as detailed analysis of the office, retail and hotel real estate market.
In Q3 2010 the trend of reduction of new properties delivery paces continued – no large high-quality office property was introduced to the market. Thus, the overall volume of high-quality “A” and “B” class office premises remained invariable and amounted to approx 10,5 mln. sq. m. Activity in the market of high-quality office premises rent and purchase remained rather high in Q3 2010, which caused objective reduction of vacancy rate against the background of significant decline of delivery volume. The share of “A” class vacant premises amounted to 15-17%, “B” class premises – 17-20% by the end of Q3 2010. Gradual recovery of the office market is in progress, however, it takes place against the background of still negative trends.
During Q3 2010 supply in the professional retail market of Moscow increased by 196, 000 sq. m. due to the opening of “RIO” (Reutov) and “Kluchevoy” RC. During Q3 2010 the recovery of business activity on the part of retail operators could be observed after the period of summer lull: negotiations and transactions were resumed. Nevertheless, it did not lead to considerable growth of rental rates and reduction of vacant space share – these indices are still at the level, reached at the end of H1 2010.
A new hotel – SK Royal for 170 rooms (developer is “Tashir” GC) was opened in Moscow during Q3 2010. On the whole, the increase of new supply in the hotel market of Moscow amounted to approx 1,900 rooms. In Q3 2010 the index of average daily rate (ADR) stabilized for the lower and middle segments and displayed growth for the upper segment. The main positive result of Q1-3 2010 was the recovery of business demand for accommodation services in Moscow, which was expressed in the growth of occupancy rate and revenue per room for the hotels of the upper segment.
Диаграмма 1. Сегментация предложения офисных помещений по метражу, %
Диаграмма 2. Сегментация предложения по классу офисных помещений, %
Диаграмма 3. Сегментация предложения по классу офисных помещений, %
Диаграмма 4. Сегментация предложения новых офисных помещений по классу, %
Диаграмма 5. Сегментация предложения новых офисных помещений по классу, %
Диаграмма 6. Географическая сегментация предложения офисных помещений, %
Диаграмма 7. Сегментация предложения офисных площадей по районам Москвы,
Диаграмма 8. Прогноз изменения долей офисных помещений в 2005-07 гг., %
Диаграмма 9. Уровень вакантных площадей по сравнению с другими городами
Диаграмма 10. Динамика среднего уровня вакантных помещений по классам
Диаграмма 11. Динамика изменения объема вакантных площадей офисов класса
А и В за 2005 год
Диаграмма 12. Динамика изменения объема вакантных площадей офисов в 2002-
05 гг., %
Диаграмма 13. Прогноз роста Рынка на 2005-07гг., классы А и В
Диаграмма 14. Темпы роста общего объема предложения на рынке в 2002-05 гг.,
Диаграмма 15. Темпы роста Рынка (общее предложение и новое строительство)
за 1999-2004гг., млн. кв.м.
Диаграмма 16. Средние ставки аренды на офисные помещения класса А в
районах Москвы, $ / кв.м. / год
Диаграмма 17. Средние ставк…
Moscow. Sale. Supply.
By the end of 2010, the supply volume amounted to approx
940 apartments (165, 9 thous. sq. m.) in the elite primary market.
In Q4 2010, new projects were not offered for sale, however
the market enlarged with six new complexes during the year: 11,
Burdenko str.; bld.2, 28, Trubetskaya str., “Afanasievsky” RC (24
-26, B.Afanasievsky per.); “Andreevsky” RC (8, 2nd Frunzenskaya
str.); “Art-House” RC (9/16, 2 Tessinsky per.); “Sadovie
Quarters” RC (12, Efremova str.).
Besides, the construction of new elite buildings is planned in
Efremova str., M.Pirogovskaya str., Kooperativnaya str., Sergeya
Makeeva str., L’va Tolstogo str., Prechistenskaya emb., 1st
Zachatievsky per., etc.
The main supply volume in the elite primary market was
formed by such complexes as “Sadovie Quarters” (Khamovniki
district) and “Italian Quarter” (Tverskoy district). Their total share
in the overall supply volume amounted to approximately 45%.
As far as the elite apartment market concerns, there are
now offers in the primary market in such complexes as
“Residence Znamenka” (9/12, Znamenka str.), “Legenda Tsvetnogo”
(2, Tsvetnoy boulevard), “Moscow-City” MIBC towers
(Imperia Tower, City of Capitals, federation Tower), as well as
“Meating House” RC (9-11, Myasnitskaya str.), delivered to the…
According to official data, 5.25 mln. sq.m. of residential space were commissioned in Russia for the first two months of 2011, which is 11% lower than in the corre-
sponding period of the previous year. On the whole, 63 mln. sq.m. are planned for commissioning in 2011. Only 62.4 thous. sq.m. were delivered in Moscow for January-February 2011 (35% of the indices of the analo-
gous period of 2010). According to the preliminary data of Moscow state statistics, approx 200 thous.sq.m. were de-
livered for the whole Q1 2011 in Moscow, which is 60% lower than the indices of 2010 and constitutes less than 10% of the total volume of residential space, planned for commissioning in 2011 in Moscow. On the whole, accord-
ing to the plans of authorities, 2.7 mln. sq.m. of residential space will be commissioned in the capital in 2011. The primary residential market in Q1 2011 is charac-
terized by rather active delivery of new projects. This trend was typical of the whole 2010. However, if in 2010 economy-class properties prevailed in the market, then the new supply, which enlarged the market in Q1 of the current year, was represented by the properties, belong-
ing to different segments of the market. As of 2011, the supply volume in the primary market of Moscow amounts to almost more than 200…