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Vacancy down on Moscow high streets

Rafał Ostrowski 14 January 2020

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.

Vacancy down on Moscow high streets
Moscow vacancy rate

RUSSIA The vacancy rate on Moscow’s main high streets fell to 9.5 pct in the fourth quarter of 2019. The vacancy rate on fanous Stoleshnikov Lane was down by 6.4 ppt q-o-q and 1.9 ppt y-o-y hitting a four year-low.

“One of the reasons for the decline in the vacancy rate is a number of tenant openings including the outwear shop Vtoroy Mekhovoy, the lounge-bar Ice Smoke Bar and, unusually for this location, designer women’s clothing store T-Skirt. Due to the lack of activity from luxury brands entering the Russian market over the past two years the appearance of brands from a lower price segment in luxury locations could be due to landlords being less and less willing to wait for their “perfect” tenant and are filling their vacant premises with the most suitable brands from more mid-market segments.“ – comments Ekaterina Podlesnykh, Head of Street Retail in Moscow, JLL, Russia & CIS.

Average annual rental rates remained mainly unchanged in Q4 2019. A slight rise was recorded on Tverskaya (to RUB 95,000 RUB per sqm) and Maroseyka (to RUB 90,000) street and in Moscow’s Patriarshie Prudy district (RUB 120,000)

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