Warehouse stock in Moscow grew significantly in the first six months of 2012, with 320,000 m[sup]2[/sup] of class A warehouse premises completed - almost equivalent to the total new space delivered in 2011, CBRE said in its latest report on the Russian market.
Warehouse stock in Moscow grew significantly in the first six months of 2012, with 320,000 m2 of class A warehouse premises completed - almost equivalent to the total new space delivered in 2011, CBRE said in its latest report on the Russian market.
In the first half of 2012, the market also saw strong occupier demand leading to low vacancy rates of 2% and a stabilising of rents.
Built-to-suit warehouse projects totalled 30% of the overall leased space. Take-up came mainly from retail and logistics companies. Average rental rates remained stable at $135/m2/year, but where there was strong demand, rents exceeded $150/m2/year.
More than 880,000 m2 of warehouse premises are expected to be delivered in the Moscow region within the next 18 months. This supply will be matched with high demand but may lead to a rise in vacancy rates to 5-7% by mid 2013. Nonetheless, it will be a temporary upturn and rental rates are expected to remain stable, CBRE said.
