Overview of commercial real estate market: rent went up by 13% per year | Предприниматель

Overview of commercial real estate market: rent went up by 13% per year

At the end of 2010 the average rental rates for retail section 100-300 m in the successful commercial and shopping centers (shopping center / mall) in Kiev has increased by about 13% to $ 85 per sqm

If we compare with previous periods, the current level of rental rates in this segment is close to the level of 2007. The average vacancy rate in the market of Kiev has decreased from 5 to 3.5%. In the successful shopping center / mall vacant premises are virtually absent.

In 2010, the new offering retail space in Kiev was limited to commissioning the second phase of the regional mall Sky Mall of the total lease area of ​​45 500 square meters. m, which is the lowest rate in four years, said market experts.

In total, as of January 1, 2011 in Kiev, operates about 600 thousand square meters. m of retail space in the shopping center / mall.

Commissioning of the many applications for 2010 TC / SC has been postponed due to delays in construction financing. Thus, the majority of owners continues to build its own expense, resulting in the construction schedule directly depends on the rate at which they are received.

Saturation of retail space in Kiev, according to analysts Colliers International, is very small in comparison with other capitals of Central and Eastern Europe. The indicator of market saturation with high-quality shopping center / mall is even lower. As a consequence, new shopping centers with a professional concept and a good location at the end of 2010 have almost zero vacancy.

For 2011-2012 announced by the commissioning of nine new shopping center / mall with a total rental area of ​​about 330 thousand square meters. m. It should be noted that a significant number of quality projects TC / SC, whose construction could begin in 2011-2013.

Based on past practice, the most likely situation where the commissioning of projects already under construction is carried by more than two years. Given this trend, the future of realistic proposal 2011/2012 period may be less than half of the claimed, stressed professionals.

Due to the expected growth of competition, a number of owners of the shopping center / mall, a concept that is outdated or ineffective, considering various options reconception or reconstruction and / or change the format of its commercial properties.

At the moment, as noted in Colliers International, Commercial segment is the only segment of the commercial real estate, to which large quantities of practical interest exhibit foreign and local players.

Contrary to the negative forecasts of some experts in 2008 and in 2009-2010 left the market just a few tenants. In 2009, most retailers optimize their business processes to changing conditions by cutting and / or reorient the other price segments.

In this case since the beginning of 2010 the market started to get new brands. Due to a shortage of professional retail space in the Ukraine, in 2010, demand for some exceeded the supply. In fact, all that came on the market of Kiev for the past 3 years, new shopping center / mall with a professional concept and a good location to the present day are filled with tenants at 95-100%.

Significant changes in the structure of actively developing the tenants in comparison to the year 2009 has not occurred, told the experts. The main consumers of retail space continues to be:

  • grocery stores (hypermarkets, supermarkets, convenience stores, discounters, etc.);
  • shops of home appliances and electronics;
  • specialty stores (baby products, sporting goods, furniture, etc.);
  • clothing, footwear and accessories designed for the mass market (price segment of the “average” and “medium minus “).

It is also worth noting that retailers segment “average plus” fixed small but steady growth in sales in 2011 may increase their development plans.

Based on conservative projections of growth of retail trade and personal income, most likely in 2011, the consumer market in its structure and size will be comparable with rates in 2010, according to Colliers International.

forecasts of experts in 2011:

  • Start of large-scale projects shopping / shopping center in Kyiv and the regions.
  • Ready developers to reconstruction / reconception TC / SC, dubious concept of professionalism and competitiveness.
  • Increased demand for retail space in shopping center successful / TRC, the main shopping streets of Kiev and major regional cities.
  • moderate rental growth with preservation of the existing low level of vacancy in a successful shopping center / mall.
  • Saving rate of most commercial operators to develop stores in Kiev and cities with populations over 500 thousand people.
  • further increase in interest in the commercial segment of the Ukrainian part of international investors, developers and retailers. Some of them may enter the Ukrainian market in 2011.
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