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CBRE revenue increases in Q3

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BTO boom on Moscow market

Rafał Ostrowski 07 November 2017

Rafał Ostrowski

Journalist

+48 22 356 25 11
rafal.ostrowski@eurobuildcee.com

Rafał Ostrowski has over 17 years’ experience as a journalist. Before joining ‘Eurobuild CEE’ five years ago, he wrote for Wydawnictwo Murator and Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and prepared photo-reportages. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. For ‘Eurobuild CEE’ he covers most real estate sectors, including logistics, construction, office, residential and retail. He is also in charge of the film direction for Eurobuild TV.

RUSSIA In Q3 only 39 pct of all transactions on the Moscow warehouse market were lease agreements, while the largest proportion of deals were purchase agreements (including built-to-own facilities), according to the Moscow Region Industrial Big Box Market report by CBRE.

Purchase deals made up 59 pct of the 363,000 sqm quarterly take-up. The largest transaction by size was a 146,000 sqm distribution centre, which is to be built by A Plus Development, as a general contractor, for Russian online retailer Wildberries. Demand in Q3 was mainly driven by e-commerce, especially of clothes, footwear and FMCG goods. The vacancy rate is expected to fall by the end of the year to 12 pct from 12.8 pct last year. "Despite high vacancy levels in the Moscow region warehouse market, we are seeing a lack of large vacant spaces. Thus, the significant demand growth in Q3 is mainly attributable to big built-to-suit construction agreements. In this context, there is a growing interest in speculative development, and several new ambitious projects have been announced. Moreover, developers are becoming more flexible, providing the client with general contractor services to build warehouse space on land owned by the end-users,” said Anton Alyabyev, the director and head of industrial and logistics department of CBRE in Russia.

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