Area of major developers’ shopping centres in Moscow Region is 150% the size of Monaco

12.05.2016

Ten largest developers in the Moscow Region have built 2.845 million m2 of quality retail space in the past 15 years, which is 1.5 times larger than the area of Monaco, analysts at Colliers International Russia estimate.

Major retail real estate developers include IKEA Shopping Centres Russia (555,000 m2), Tashir Group (371,000 m2), Crocus Group (366,000 m2). Despite the fact that no shopping centres were completed in Q1 2016, which is a record low for the last ten years, developers announced the completion of 540,000 m2 of retail space in Moscow in 2016 alone. Given the completion of several large premises, the availability of a sufficient number of alternative sites available for retailers and the lack of positive trends in the economy, the vacancy rate in the segment could grow up to 10% for the year.

The most active players currently in terms of development of new shopping centres in the Moscow Region remain Enka, the Regions Group, Immochan, Tashir Group, IKEA and the TPS Nedvizhimost’.

[citata id=762]Since most completions in the near term in the Moscow Region will be concentrated in the area between the Third Ring Road and the Moscow Ring Road, as well as in satellite towns, relatively large cities with a shortage of retail space, located along major thoroughfares (up to 30-50 km from Moscow), are interesting from the point of view of the new shopping centre development, especially in the promising mass-housing construction areas.

Accordingly, cities with the greatest potential for professional real estate development (including in terms of socio-economic indicators) include Podolsk, Dolgoprudny and Balashikha.

[citata id=191]In total in 2016, developers announced the completion of 540,000 m2 of retail space. Among the key shopping centre projects are Riga Mall, Riviera, Okeania, the shopping and leisure centre on Khoroshevskoye Shosse, Butovo Mall and the second stage of Metropolis. In addition, the Druzhba and Perovsky malls are to be renovated. The Golden Vavilon Otradnoye mall will be partially renovated and a second stage built. The Tverskoy Passage, which has been closed since 2012, is planned to open as part of the renovation of the Izvestia multi-use complex.

Given the planned completion in 2016 of several large premises, a sufficiently large number of alternative sites available for retailers and the lack of positive trends in the economy (projected for the second half of 2015), the vacancy rate in shopping centres in Moscow could rise to 10%.

[citata id=860] Anna Nikandrova partner at Colliers International Russia:
“We see that the retail real estate market is gradually coming back to life. Nevertheless, the current and planned supply still significantly exceeds demand, and as a result, we will see a gradual increase in vacancy. However, the Russian market remains attractive to international retailers. In Q1 2016, there were two important openings – the opening of the KidZania theme park and the first full-fledged Victoria’s Secret underwear boutique.

“In addition to plans to complete more than half a million square metres of retail space in conventional shopping malls, the Moscow retail real estate market could grow in the medium term by nearly ten million square metres of retail space, which will be located as part of 273 Transport Hubs  within the framework of implementation of the programme to build transport hubs. Not all the planned space will be in the format of conventional shopping centres – a substantial part of it will be so-called support-retail as part of railway stations. However, some transport hub designs provide for large shopping centres. The most promising transport hub projects with interesting locations are of interest to all major professional developers.”

MAJOR RETAIL REAL ESTATE DEVELOPERS IN MOSCOW REGION IN EARLY 2016

IKEA Shopping Centres Russia – 555,000 sq. m of GLA
MEGA Teply Stan
MEGA Khimki
MEGA Belaya Dacha

Tashir Group – 371,000 sq. m of GLA
RIO Bolshaya Cheremushkinskaya
RIO Dmitrovka
RIO Kolomna
RIO Leninsky
RIO Rumyantsevo
Dirizhabl
Avenue South-West
Yerevan Plaza
Raikin Plaza

Crocus Group – 366,000 sq. m of GLA
Vegas Kashirskoye
Vegas Crocus City
Crocus City Mall
Tvoy Dom (Mytishchi)
Tvoy Dom (Novorizhskoye)

Patero Development – 335,000 sq. m of GLA
Zolotoy Vavilon Rostokino
Zolotoy Vavilon Yasenevo
Zolotoy Vavilon Otradnoye
Pyataya Avenue
GoodZone
Vremena Goda

Enka TC – 267,000 sq. m of GLA
Kapitoliy Maryina Roshcha
Kapitoliy Leningradsky
Kapitoliy Belyayevo
Kapitoliy Podolsk
Kapitoliy Sevastopolsky
Kapitoliy Vernadskovo
Kapitoliy Orekho-Zuyevo
Kapitoliy Sergiev Posad
Kuntsevo Plaza

TEN Group – 260,000 sq. m of GLA
Gorod, Stages 1 and 2
Gorod Lefortovo
Oblaka
L-153

Aviapark – 230,000 sq. m of GLA
Aviapark

MIRS– 168,000 sq. m of GLA
Columbus

Immochan Russia – 155,000 sq. m of GLA
Auchan-Marfino
Troika
Gagarinsky (in cooperation with the Sergo Ordzhonikidze Plant)

BTR Group – 138,000 sq. m of GLA
Unimal
Krasny Kit (Mytishchi)
Krasny Kit -3 (Krasnogorsk)

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