During the first three quarters of 2013 the volume of leased and purchased warehouse space amounted 850 000 sq m, which corresponds to volumes of 2012.
The main tenants of high quality warehouse space are retail sector companies, they lease about 30-40% of total volume.
A considerable part of closed transactions, about 30%, accounts for built-to-suit projects.
Egor Dorofeev, Partner, Head of Warehouse Department of Cushman & Wakefield, comments: “ We are glad to announce that according to the results of this quarter Cushman & Wakefield was a leader among other consultants by number of closed transactions in warehouse sector. We have signed up deals with total area more than 130 000 sq m, which is practically one third of all leased and purchased warehouse space on the market in the 3rd quarter”.
The volume of new construction for the first nine month of the year corresponds to the same period of the last year. During three quarters of 2013 warehouse supply has increased by 550 000 sq m. We expect, that till the end of the year 1 000 000 sq m of warehouse space will be built.
As market still lacks ready-to-move warehouse space supply in Moscow region, developers gradually return to speculative construction and start to build premises without pre-lease contracts. Among them industrial park “PNK-Nord”, Logistic Park Radumlya (TGC Group), etc.
During the last two years the warehouse market has remained the most stable among other sectors of commercial real estate market. Since 2011 vacancy rate remains unchanged, 1%-2%. Rental rates remain stable at an average of $ 135 per sq m per year in A Class, excluding VAT, operating expenses and utility bills.