Russian real estate investment volumes reached $1.1 bn (831 mln) in the third quarter of 2013, Cushman & Wakefield has reported.
Russian real estate investment volumes reached $1.1 bn (831 mln) in the third quarter of 2013, Cushman & Wakefield has reported.
The Q3 volume was about the same level as in Q2.
Moscow continues to dominate investors’ agenda, attracting more than 80% of all investment in Russia with $1 bn in Q3 and $4.3 bn year-to-date.
St Petersburg is way behind, with only $50 mln being transacted in Q3. The regional market is under-developed with investors focusing their interest on large cities.
The office sector attracted the bulk of investment ($844 mln), largely reflecting the $740 mln sale of White Gardens business centre. Investment in retail reached $250 mln in Q3. If all the transactions in the pipeline are closed this year, 2013 will be a record for in investment in Russian retail real estate. Warehouse and industrial deals accounted for $33.2 mln.
Total Russian volumes in the first nine months of 2013 came to $5.7 bn. Cushman & Wakefield expects total investment volumes in 2013 to reach $7.9 bn. Next year will be less active with forecast volumes of $7.5 bn, the property adviser said.
