Moscow Retail Property Market
MarketView
Global Research and Consulting CBRE
H1 2013
NEW COMPLETIONS
64 THOUS. SQ M
PRIME RENT
$ 2060 / SQ M/ PA
Consumers’
disposable
income
increased
significantly. However, it did not lead to a
corresponding growth of the retail sales.
According to Mosgorstat, in January - May 2013 real
disposable income in Moscow improved significantly,
having grown by 13-14% compared to the similar
period of 2012.
In May 2013 nominal income per capita amounted to
RUR 50 704, which is much higher than even in Q4
2012 both in roubles and USD.
VACANCY RATE
2,9%
Real disposable income,
% Y-o-Y, quarterly
130
125
120
115
110
105
100
95
90
85
80
I II III IV V VI VII VIII IX X XI XII I II III IV
However, growth in income did not generate sizeable
increase of consumption and, hence, in retail trade.
Retail turnover in January-May 2013 increased by just
3.1% compared to the same period of 2012.
2012
2013
Source: Mosgorstat
The slowdown in retail turnover growth in Moscow
correlates with dynamics of similar indicator across
Russia. Possible explanations of the lowered
consumers’ activity include Cyprus crisis and
significant negative revision of the 2013 Russian GDP
growth forecast.
Consumer
confidence
index
stabilized
consecutive deterioration in H2 2012.
Nominal income per capita,
% Y-o-Y, quarterly
120%
after
100%
Inflow of tourists is expected to be moderate in 2013
with slight growth at 4%.
Leading Russian chain retailers continue regional
expansion.
80%
I
II
III
IV
I
II
2011
Russian chain retailers revenues,
Y-o-Y
III
IV
2012
Rubles
I
2013
US Dollar
Source: Rosstat
200%
Consumer confidence index, Russia
150%
Source: Retailers reports
2010
Source: Rosstat
2011
2012
I
IV
III
II
I
1Q 2013
IV
X5 Retail M.Video
III
1Q 2012
O'Key
II
Dixy
I
Magnit
III
0%
IV
1
II
50%
-2
-4
-6
-8
-10
-12
-14
I
100%
2013
©2013. CB Richard Ellis, LLC
Moscow Retail Property Market | MarketView
Major part (about 70%) of the new Q2 2013 delivery was
generated by 2 specialized shopping malls: Vnukovo
Outlet Village (1st stage) and Fashion House Moscow.
Other 2 schemes are local malls: «Stolitsa» in
Zelenograd and Izmaylovsky.
4 modern shopping malls with total GLA of 64
thousand sqm were delivered in Q2.
There was a technical launch of Shopping &
Entertainment Center (SEC) «RIO» Leninsky in June
2013. But the majority of tenants including anchors are
still closed. The official opening is scheduled to the
second half of summer.
Shopping mall «Sportex» was another new entrant . Its
specialization is goods for sports, tourism and
recreation. The total area of this mall is 32 000 sqm.
Shopping mall was opened in a former industrial
building. Due to this specifics it can hardly be classified
as a modern shopping center.
Modern retail space supply in shopping malls,
thousand sqm
Thousand sq m
Q2 2013
SUPPLY
300
250
200
Q4
150
Q3
Q2
100
Q1
50
0
2011
Inner circle – stock
2,1%
Outer circle – under construction
9,9%
11,0%
5,8%
8,3%
0,6%
Neighborhood
Community
17,3%
About one third of quality retail space in Moscow is in
super regional shopping malls (with GLA more than 80
thousand sqm each).
Share of the neighborhood shopping centers is still
below 20%. At the same time this format is developing
quite actively: there are 12 local retail properties under
construction. This is about 1/3 of all schemes, which are
in “under construction” stage.
2013
Structure of modern retail space in shopping
centers by type, %
As a result, total stock of the modern retail space in
the shopping malls amounted to 3.9 mln sqm.
Classic shopping centers comprise about 90% of the
existing supply. The share of specialized malls like
outlets, retail parks, specialized centers increases, but it
still does not exceed 10% of the existing stock.
2012
Regional
32,2%
20,7%
21,6%
Super regional
Outlets
21,5%
Retail Parks
48,9%
Specialized
Modern retail space penetration remains relatively
moderate: 325 sqm per 1,000 inhabitants.
This indicator remained almost unchanged as increase
in quality retail space since the beginning of the year
was insignificant, while Moscow population grew by
more than 50 thousand people.
Penetration rate in Moscow is 20-30% below that in
other European capitals and implies good potential for
successful absorption of new supply over the next few
years.
Modern retail space penetration,
sqm per 1,000 inhabitants
Paris
Prague
Warsaw
2
Helsinki
Vienna
Moscow
0
200
400
600
©2013. CB Richard Ellis, LLC
Shopping centers delivered in Q2 2013
 Address – Kievskoe highway
26 km.
 GBA – 29 700 sqm
 GLA – 16 600 sqm
 Parking – 2 450 p/p
 Developer – Diona
Stolitsa
 Address – Zelenograd, korp.
124
 GBA – 9 300 sqm
 GLA – 6 500 sqm
 Parking – 50 p/p
 Developer – GK Torgovaya set’
Stolitsa
Moscow Retail Property Market | MarketView
Vnukovo Outlet Village
1 phase
Q2 2013
SUPPLY
Izmailovsky
 Address –Pervomayskaya st.
61
 GBA – 16 700 sqm
 GLA – 12 200 sqm
 Parking – 140 p/p
 Developer – DS Invest
Fashion House
 Address – Leningradskoe
shosse 12 km. MKAD
 GBA – 38 600 sqm
 GLA – 28 800 sqm
 Parking – 1 865 p/p
 Developer – Fashion House
Development
3
3
©2013. CB Richard Ellis, LLC
Q2 2013
GEOGRAPHIES
Moscow Retail Property Market | MarketView
The largest amount of the modern retail space stock is
concentrated in Southern and Northern Administrative
Districts (AD) of Moscow - 14.7% and 14.4%,
respectively.
Distribution of modern retail space in shopping
malls by administrative district, %
Central
Modern retail space penetration varies significantly
across districts. For example, in Eastern AD this
indicator is just 146 sqm / 1,000 inhabitants, in SouthWestern – 206.
The highest penetration rate in “New Moscow” is
explained by small population and coverage by Mega
Tepliy Stan catchment area.
Modern retail space penetration rate in different
AD, sqm / 1,000 inhabitants
East
South-East
12,9%
6,4%
0,4%
10,8%
South
New Moscow
5,5%
7,3%
4,0%
There is a clear lack of Neighborhood and Community
shopping malls in many Moscow administrative
districts. This shortage is especially actual for Eastern,
South-Eastern, Northern, and North-Western districts of
the city.
Moscow shopping centers are quite decentralized by
location: more than half (51.4%) of retail space is
located between the Third Ring Road and MKAD,
35.6% - beyond MKAD.
North-East
11,1%
14,4%
South-West
West
12,4%
Zelenograd
North-West
14,7%
North
Distribution of modern retail space in shopping
malls by «circles», %
60%
51,4%
51,2%
50%
36,9%
35,6%
40%
New Moscow
Central
North
North-East
South-East
South
West
North-West
South-West
East
Zelenograd
30%
20%
10%
7,9%
6,2%
5,1%
5,6%
0%
CBD
CBD>TTK TTK>MKAD
Beyond
MKAD*
Stock
Including Schemes Under Construction
0
Stock
300
600
900
*Including schemes beyond MKAD
Including Schemes Under Construction
Thousand sqm
Distribution of modern retail space in shopping malls by format, thous. sqm
600
500
Specialized
400
Retail Parks
300
Outlets
200
Super regional
100
Regional
North
North-West
Zelenograd
West
South-West
New Moscow
South
South-East
East
North-East
0
Central
4
Community
Neighborhood
©2013. CB Richard Ellis, LLC
Name
GLA,
sq m
Year of
opening
Outlet village Belaya
Dacha, 2 stage
n/a
2014
Avia Park
231 000
2014
Columbus
140 000
2014
Vegas Kuntsevo
113 400
2014
Vegas Crocus City
111 400
2014
Zelenopark
100 000
2014
Launch of SEC «Moskvorechiye» nearby metro
station Kashirskaya was re-scheduled to August
2014.
River Mall
91 200
2014
Mozaika
68 000
2014
Total leasable space (GLA) of modern shopping
malls to be delivered in 2014-2015 exceeds 1.4 mln
sqm, which is equivalent to 35% of the existing
stock.
Vesna
56 000
2014
Big Box
50 000
2014
Centralny Detsky Mir
34 400
2014
Vodny
32 200
2014
SEC on Ryazansky
prospect
30 000
2014
Yasenevo
25 000
2014
Evolution Tower
21 000
2014
Moskvorechiye
19 500
2014
Brateevo Mall
15 000
2014
Baby Store
13 500
2014
Vnukovo Outlet Village
2 stage
10 200
2014
Q3
Ogorod
6 500
2014
Q2
Butovo Mall
57 000
2015
Q1
Galeon
14 000
2015
Otrada
4-6 stages
92 500
(GBA)
300 000
(GBA)
Majority of the expected openings will occur in the
south of Moscow (see map on p. 6). Hence, the lack
of Neighborhood and Community shopping malls in
Southern AD of Moscow will decrease.
Current status of SEC Vegas Kuntsevo construction
process suggests that launch of this scheme,
scheduled for 2013, could be postponed to early
2014. A similar situation is observed with SC
«Brateevo Mall».
However, given the recent history, not all of the
announced schemes will come to the market in time.
Given possible re-schedules we expect that new
delivery in 2014 would amount to approximately 500600 thousand sqm. However, even this volume of
completions may become the highest one in the
recent history.
Delivery (actual and expected) of the new modern
retail space by quarters, thousand sqm
Thousand sqm
1 200
1 000
596
800
Q4
20
134
600
400
200
0
80
109
64
6
2013
5
©2013. CB Richard Ellis, LLC
459
2014 F
Premium Nord
Moscow Retail Property Market | MarketView
We expect to see 9 new modern shopping malls
opened till the end of the year. Their total GLA
amounts to about 190 thousand sqm.
The largest schemes are: GoodZone (56 thous. sqm
GLA), Raikin Plaza (35 thous. sqm GLA), and RIO
Leninsky (31 thous. sqm GLA, official opening).
Pipeline of modern retail space to be delivered in
2014-2015
Q2 2013
OUTLOOK & FORECAST OF NEW DELIVERY
2015
2015
Slavyanka
65 000
2015
Smolensky Passage
2 stage
58 500
(GBA)
2015
5
Q2 2013
SCHEMES UNDER CONSTRUCTION
Moscow Retail Property Market | MarketView
Otrada 3 phase
Raikin Plaza
Perovo
GoodZone
RIO
Akvarel
M TS
GLA 5 000 - 10 000
Alfavit
GLA 10 000 - 20 000
Akvarel Scherbinka
GLA 20 000 - 60 000
Modern shopping malls to be open in H2 2013
6
Name
sqm GLA
Developer
Address
GoodZone
56,000
Immofinanz Group
Kashirskoe shosse, 12
Raikin Plaza
45,000
Tashir
Sheremetyevskaya st., 8
RIO Leninsky
31,000
Tashir
Leninsky av., 109
Otrada, 3 phase
11,500
Elt
Pyatnitskoe shosse, 7 km.
Akvarel Scherbinka
11,200
GK Oto
Scherbinka, Zheleznodorozhnaya st.
Alfavit
11,000
Origin Capital
Kulikovskaya st.
MC
11,000
n/a
Miklukho-Maklaya st., 36
Akvarel
7,200
Imagine Estate
Kirovogradskaya st., 9, korp.1
Perovo
5,000
Aprel Development
Perovskaya st., 61
©2013. CB Richard Ellis, LLC
Average vacancy rate in modern shopping
centers, %
3,1%
At the end of H1 2013 vacancy rate in Moscow modern
shopping malls accounted to 2.9%. This indicator remains
consistently low and includes properties both with waiting
lists, and with vacancy rates, which are higher than market
average.
3,0%
Russian market is still attractive from international retailers`
point of view. According to CBRE international research
«How global is the business of retail?», Moscow is #4 in
the rating of international chain brands presence.
Concentration of international players in Russian capital is
as large as in New York.
2,6%
In H1 2013 there still was a lack of good retail destinations
for the new entrants. The situation may improve by the end
of 2013-2014, when a few new quality shopping centers
will be delivered and could be of interest for the
international retailers.
In H1 the majority of the international chain brands have
entered the market through large / popular shopping
centers. The exception is a French mono-brand clothes
boutique Hervé Léger, which opened its first store in the
one of most largest Moscow retail street. International
chains of cafes and restaurants also preferred street-retail
format.
2,9%
2,8%
2,7%
2010
2011
June
December
June
December
December
June
2,5%
2012
2013
Moscow Retail Property Market | MarketView
Shortage of quality retail space in Moscow still makes
it difficult for newly coming international brands to find
good locations to open their flagship stores.
Q2 2013
DEMAND
Italian brand of clothes and shoes Stefanel returned in
Moscow in May and opened its store in Europejsky SC.
Talking about Russian “white and brown goods”
retailers, one should mention retail chain teXet from
Saint Petersburg, which opened its first street retail
store in Moscow in March 2013 at Ladozhskaya street.
International brands, which entered Moscow market in H1 2013
Brand
7
Country
Segment
Address
Boardriders
France
Sporting goods
Mega Belaya Dacha, 14 km. MKAD
Brooks Brothers
USA
Clothes and shoes
GUM, Red Square,3
By Malene Birger
Denmark
Clothes and shoes
Afimall City, Presnenskaya nab., 2
Hervé Léger
France/USA
Clothes and accessories
Kuznetsky Most, 7
Johnny Rockets
USA
Cafes and restaurants
Capitoliy Vernadsky av.
Lavazza Espression
Italy
Cafes and restaurants
Prospekt Mira, 31
Marukame
Japan
Cafes and restaurants
Pyatnitskaya street, 29
Nautica
USA
Clothes and shoes
Zolotoy Vavilon, Prospekt Mira, 211
REDValentino
Italy
Clothes and shoes
GUM, Red Square,3
SFIZIO
Italy
Clothes and shoes
Afimall City, Presnenskaya nab., 2
Takko Fashion
Germany
Clothes and shoes
Zolotoy Vavilon, Prospekt Mira, 211
The North Face
USA
Sporting goods
Mega Belaya Dacha, 14 km. MKAD
TrollBead
Denmark
Jewelry
Atrium, Zemlyanoy Val, 333
©2013. CB Richard Ellis, LLC
7
Q2 2013
NEW ENTRANTS’ PLANS
Moscow Retail Property Market | MarketView
In H1 2013 13 international brands had entered the
Moscow market. 5-7 other newcomers plan to do it till the
end of the current year.
Around 40 international brands announced their
plans to enter Moscow market in 2013-2014
Brands to enter Moscow market till the end of
2013
Brand
Country
In May SK-Trading company became the official owner
of Yamamay chain in Russia. The company plans to
open 10 new stores in Moscow and regions in the rest of
2013.
French fashion brand Manoukian announced official
closure in Russia.
Russian retailer of kid’s goods Interpol («Interesnoe
polozhenie») plans to evolve from offline to online format.
NEW TRENDS
In H1 2013 we witnessed an increased interest of
Russian retailers to the “old new” format of “pop up”
store. This format is very common in Europe and
appeared in Russia in 2010. It is usually used as
additional tool to encourage sales in a highly competitive
market.
Debenhams opened a design boutique in pop up format
in the new outlet center «Outlet Village Belaya Dacha» in
the beginning of July to strengthen its brand awareness.
Date
Blue Inc.
(franchise)
UK
Clothes and
shoes
Q3
Forever 21
USA
Clothes and
shoes
Q4
Jamie`s
Italian
Italy / UK
Cafes and
restaurants
Q3
Krispy Kreme UK
Cafes and
restaurants
Q3
Nathan’s
Famous
(franchise)
USA
Cafes and
restaurants
Q3-4
Schlotzsky`s USA
Cafes and
restaurants
Q4
Russian retailer Deseo, which is a franchise of Incity
chain, also plans to enter the market in H2 2013.
In addition, Russian brand Family Fashion will open its
flagship store in Moscow jointly with German fashion
retailer Takko Fashion. The chain plans to open 25
stores in Moscow and regions during H2 2013.
Segment
Russian retailer CentrObuv plans to open 10-15 regional
pop up stores till the end of the year. According to the
company officials, pilot project, which was launched in
March in Rostovsky region, was very successful.
Other chains, like Manolo and Сasio also plan to open
their first pop up stores in 2013.
Existing high competition on the Russian market
incentivizes usage of pop up stores in order to increase
volumes of spontaneous sales in street retail, parks and
recreation areas, where the traffic is relatively high at any
time of the year.
Russian brand Sultanna Frantsuzova opened pop up
store in Kauchuk factory. Last 5 years this brand had
worked only in the online format. The choice of the
location is explained by low rental rates and specific
atmosphere of the location.
8
Lavazza Espression café on Prospect Mira, 31
First boutique of «Brooks Brothers» in GUM
©2013. CB Richard Ellis, LLC
Description of the major street retail destinations
There are 12 main street retail destinations in
Moscow
The highest share of cafés and restaurants is on the
Pyatnitskaya, Pokrovka and Noviy Arbat streets.
Street
Bolshaya
Dorogomilovskaya
940
0
Nikolskaya
610
663*
The second largest segment is clothes chains.
Prospekt Mira
(from TTK to center)
2 010
70**
The most popular retail destinations for “fashion”
tenants are Petrovka, Nikolskaya streets, and the part of
Leninskiy avenue from the city center to the Third Ring
Road (TRR).
Pyatnitskaya
1 820
0
Tverskaya
1 630
946***
Petrovka
1 010
385
Service sector is also well-developed in the street retail
format. Banks, beauty salons, medical clinics, as well as
accessories stores (including jewelry), are important
tenants there.
Novy Arbat
1 500
1 837***
Pokrovka
1 290
Parking availability affects the attractiveness of
street retail.
Absence or lack of parking places near shops reduces
their availability for customers and, therefore, has a
negative impact on the tenants' activity.
There is a lack of parking places along Leninsky
avenue, Mira avenue, and Pyatnitskaya street (though
these retail destinations are among a few that the
longest in Moscow). Rental rates on these streets are
about 30% lower than on other streets (for more details
see section Commercial terms). The only exceptions are
Kutuzovsky avenue and its adjacent street, Bolshaya
Dorogomilovskaya.
Myasnitskaya
810
Maroseyka
470
Moscow Retail Property Market | MarketView
Tenant mix in high streets usually differs significantly,
depending on their location and existing environment.
The most common segment of high streets is catering.
Number of
parking places
Length,
(including that on
m
the closest
streets)
Q2 2013
STREET RETAIL
448
Leninskiy avenue
(from TTK to center)
2 600
0
Kutuzovsky avenue
(from TTK to center)
1 970
0
*Incl. in SC GUM and «Nikolskaya Plaza»
**In office center
***Incl. in shopping and office centers
Tenant mix on the major street retail destinations (by number of stores)
Bolshaya Dorogomilovskaya
Nikolskaya
Prospekt Mira
Clothes and footwear
Pyatnitskaya
Banks
Tverskaya
Petrovka
Cafes and restaurants
Noviy Arbat
Beauty salons
Pokrovka
Accessories
Myasnitskaya
9
Maroseyka
Food
Leninskiy av.
Kutuzovsky av.
0%
©2013. CB Richard Ellis, LLC
20%
40%
60%
80%
100%
9
Q2 2013
PEDESTRIAN ZONES
Description of the main pedestrian streets
Moscow Retail Property Market | MarketView
In 2010 Moscow authorities considered and approved
the project of the pedestrian zones development in the
city center. According to the plan, by 2020 there will be
19 more pedestrian areas, along with that seven already
existing.
Catering dominates among the tenants on pedestrian
streets, as well as on the high streets. Majority cafes and
restaurants is located on Kuznetsky Most, Arbat streets,
and Klimentovskiy lane.
Length,
m
Street
Stoleshnikov lane
460
45
Kuznetsky Most
820
566*
1 230
1 678**
490
0
Arbat
Klimentovskiy lane
Stoleshnikov lane is an exception. Clothes, footwear, and
accessories tenants comprise the largest share of its
tenant mix. The majority of brands are represented by
premium and luxury segments.
Though the availability of parking places in the area
of ​pedestrian streets is an advantage, it does not play
such an important role as in case of high streets. This is
mainly due to the fact that the majority of pedestrian
areas are located close to the metro stations. The largest
number of the parking places is in the area of Kuznetsky
Most and Arbat.
Organized parking places are located mainly in the
neighboring shopping and business centers, such as
TSUM and Lotte Plaza.
The presence of museums and theaters near pedestrian
streets, their historical site and location usually create
intense traffic, generating high quantity of shop visitors.
Therefore, rents on pedestrian areas are usually higher
than that average on high streets. Rental rates in the
pedestrian areas are in the range from $ 2,500 to $ 4,500
per sqm per annum.
Number of parking
places on the
closest streets
*Incl. in SC TSUM
**Incl. in shopping and business center
Rental rates on the main pedestrian streets
Average rental
rates for
150-200 sq m space,
(USD / sq m / year)
Street
Stoleshnikov lane
3 500 - 4 500
Kuznetsky Most
3 000 - 4 000
Arbat
2 500 - 3 500
Klimentovskiy lane
1500
Tenant mix on the main pedestrian streets (by quantity of stores)
Stoleshnikov lane
Clothes and footwear
Kuznetsky Most
Banks
Cafes and restaurants
Beauty salons
Arbat
Accessories
Food
Klimentovskiy lane
10
0%
20%
40%
60%
80%
100%
©2013. CB Richard Ellis, LLC
Q2 2013
HOT TOPIC: GASTRONOMIC STREET
These actions are expected to contribute to the
solution of the above mentioned problem.
The first shop on the Romanov Alley will be opened
in Q3 2013. The first tenants are the chain of
bakeries and coffee shops Paul (France), premiumclass restaurant Dolmama (Armenia), and auction
house Christie`s (UK). Rental rates are expected to
match typical street-retail rental rates in this district.
In the future project might benefit from the
experience of Grand Rue street in Luxembourg,
which was designed to meet similar targets.
Grand Rue street includes more than 20 units of
“food and beverage” format: butcher shops,
confectioneries, bakeries, cafes, bars, and
restaurants. The remaining 40 shops at Grand Rue
allow purchasing clothes and shoes, jewelry and
perfumes, household and children goods. Tenant
mix of the street is oriented on the middle class.
Gastronomy is a key idea of this concept. Therefore,
project’s tenant mix is expected to include
restaurants, cafes, bakeries, coffee shops, culinary
shops, and schools.
Commercial side of the project is important, but not a
top priority. According to Moscow Construction and
Development company, the key goal is to develop a
comfortable, European-like pedestrian zone in the
center of the city which will attract both Muscovites
and tourists.
Given this approach, active development of the nonfood retail is not in the plans. Instead of this RD
Group, developer of the project, considers the area
as a cultural zone, which will include fairs,
installations, and festivals.
Ideally, proposed tenant mix and architectural
solutions are expected to provide project’s selfsufficiency as a point of attraction for city residents
and tourists.
The total length of the street will be 980 meters. It is
around 1.5 times is longer than Grand Rue. At the
same time, the total stock of commercial properties
at the Grand Rue is about 12,000 sqm.
Moscow Retail Property Market | MarketView
Very soon Moscow will see a new gastronomic street,
Romanov alley, to be created by Moscow
Construction and Development
company. It is
situated between Mokhovaya street and Romanov
lane. The first stage of the project was completed at
the end of 2013 with buildings #7 and #13 fully
reconstructed.
Successful realization of the project might make
Romanov alley another Moscow showplace,
attracting both residents and tourists.
Investors can expect rents in the range of $2,500 $3,500 per sqm a year.
Though project is located right in the center of the
city, it might have some problems with traffic to be
solved. Romanov Alley currently has no direct
crossing with other popular streets like Mokhovaya
st., Bolshaya Nikitskaya st., and Vozdvizhenka.
Therefore, it’s pedestrian and visual availability is
somewhat limited.
The developer plans to enlarge access to the church
of Sheremetievy homestead, which is situated near
the Alley, and organize the passage from Romanov
lane and Vozdvizhenka.
11
11
Romanov Alley
©2013. CB Richard Ellis, LLC
Romanov Alley
Q2 2013
Commercial terms as of end of H1 2013,
Modern shopping malls
Moscow Retail Property Market | MarketView
Average space, sqm
Grocery hypermarket
>8 000
150 – 280
Grocery hypermarket
(city format)
4 000 – 8 000
250 – 400
Hypermarket , DIY format
>10 000
180 – 300
Grocery supermarket
1 000 – 4 000
450 – 650
White goods
1 500 – 4 500
300 – 600
Sporting goods
4 000 – 6 000
200 – 300
Sporting goods
1 200 – 2 500
300 – 480
Children goods
1 000 – 2 500
300 – 600
Clothes
1 500 – 2 500
300 – 500
Cinema
3000 – 5 000
200 – 320
500 – 1 200
500 – 800
250 – 500
800 – 1 200
100 – 250
1 200 – 1 900
50 – 100
1 700 – 2 300
<50
2 000 – 3 600
Restaurants
300 – 600
500 – 950
Coffee house
150 – 300
1 200 – 2 600
Food-court
50 – 100
1 600 – 2 300
Tenant at trade gallery
Rental rates on high streets (asking)
Name
Bolshaya
Dorogomilovskaya
Nikolskaya
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Range of average rental rates,
USD / sqm / year (triple net)
Type of tenant
Range of average
rental rates for 100200 sqm space,
USD (triple net) /
sqm / year
Key market indicators
2012
H1 2013
2013F
3 837
3 907
4 097
175
70
260
Prime rate, SC,
USD / sqm / pa
2 009
2 060
2 110
Vacancy rate, %
2,7
2,9
2.9
Capitalization
rate, %
9,0
9,0
9,0
7 950
7 950
8 000
Total stock,
thous. sqm
2 000 - 3 000
1 500 - 3 000
Prospekt Mira
2 000
Pyatnitskaya
1 000 - 2 000
Tverskaya
6 000 - 8 000
Petrovka
3 500 - 4 500
Pokrovka
1 000 - 2 000
Novy Arbat
2 500 - 3 500
Myasnitskaya
1 000 - 2 000
Мaroseyka
3 000 - 4 000
Leninsky av.
2 000
Kutuzovsky av.
2 500 - 3 500
New delivery,
thous. sqm
Prime rate in
street-retail,
USD / sqm / pa
©2013. CB Richard Ellis, LLC
Q2 2013
CONTACTS
Valentin Gavrilov
Maxim Palt
Director,
Research Department
BC White Square, bld. B
5 Lesnaya Street
Moscow 125047, Russia
t: +7 495 258 3990
e: [email protected]
Retail Analyst,
Research Department
BC White Square, bld. B
5 Lesnaya Street
Moscow 125047, Russia
t: +7 495 258 3990
e: [email protected]
Elena Klyucharova
Analyst
Research Department
BC White Square, bld. B
5 Lesnaya Street
Moscow 125047, Russia
t: +7 495 258 3990
e: Elena [email protected]
Moscow Retail Property Market | MarketView
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Global Research and Consulting
This report was prepared by the CBRE Russia Research Team which forms part of CBRE Global Research and
Consulting – a network of preeminent researchers and consultants who collaborate to provide real estate market
research, econometric forecasting and consulting solutions to real estate investors and occupiers around the globe.
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©2013. CB Richard Ellis, LLC
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