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01/20/2015

Results for the 2014 Storage Market in the Capital Region

Results for the 2014 Storage Market in the Capital Region The preliminary results for the last year showed that vacancy spaces in the warehouse segment increased to record levels, totaling 7 %; forecast for 2015 is up to 9 %.

Supply


Storage sector in the capital region has been focused on the two main areas: North and South. Over the past period, the increase was, for each of them, about a quarter of the total volume of the commissioned areas; 26 % of new storage facilities have also been launched in the south-eastern direction. This year to two-thirds of the proposals in the field of warehousing and storage will be formed on the same main principles of development that will affect the rental rates and balance supply and demand.

This year in the capital and its suburbs, about a million sq. m of storage facilities will be launched, which is one-third lower than in 2014, however, plans can still be adjusted. Much development activity was recorded in the past period in built-to-suit projects but in 2015 due to high risks in transactions of this type and the depreciation of the national currency of the Russian Federation, the number of such transactions will be reduced.

In 2014, 16 shopping centers with an area of 16.5 thousand sq. m to 399.5 thousand sq. m were opened, and this year it is scheduled to open another 17 similar facilities.

Demand

The demand for warehouses in 2014 decreased by 20 % compared to 2013, amounting to 930 thousand sq. m. The number of transactions decreased from 280 thousand sq. m in 2013 to 260 thousand sq. m in 2014.

The most active in the market are still trading and logistics operators. Online retail quickly gain momentum: for the past year, the number of transactions doubled, taking 8 % of the market.

Rates

Cutback of the rates for the increased supply allows us to call the reporting period as a tenant market. The statistics, for the first time since 2008, shows 20 % reduction in the rates for all types of warehouses. In addition, the market was forced to fix rates in rubles.

According to the experts, the rental price in the region is still very dependent on geography, availability, remoteness of the sites and other factors. And the best prices on the warehouses and seasonal storage facilities are in the areas with the highest concentration of new storage facilities.

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