The industrial/logistics sector in Moscow saw a restructure of vacant areas in Q1 2016, with a high rotation of available premises despite the stable vacancy rate.
According to CBRE, the key emerging trend saw 2014/15 deliveries, which previously formed the core of the vacant market, gradually being absorbed and replaced by secondary market premises. These secondary market vacancies fuelled the sluggish vacancy rate decline, despite the limited new delivery.
While 202,000m² was delivered to the market in Q1, only 17% of this was made available to the market with around 35,000m² in three new buildings vacant. The remaining premises were built for specific end-users or pre-leased/sold.
CBRE’s data indicates Q1 2016 take up is expected at 300,000m² with significant market share in secondary properties. The high vacancy – estimated at 11.2% - continues to pressure rental rates, with the average asking rate remaining at RUB4,200/m²/year.
