Knight Frank Russia shares its expectations regarding the volume of retail space available in Moscow City. According to this forecast, it will increase by at least a third by 2024, reaching 90,000 square meters.
Knight Frank Russia representatives report: "Over the next three years, several developments will be underway near the Moscow-City International Business Center, some of which are planned for retail. If this goal is achieved within the planned period, the supply of street retail will increase. An increase of at least 27,900 square meters is expected, bringing the total to 88,900 square meters."
Results for the first half of the year for Moscow City:
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the indicator of the volume of supply of space allocated for trade is 61,000 m²;
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14 fully functioning multifunctional complexes (except Afimall City );
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the predominance of offers on the upper floors of four complexes.
The latter include "Mercury , " "Federation , " "Oko," and "Severnaya Tower." Together, they comprise 22,800 m² (86% of the total).
Rental rates range from 44,000 to 96,000 rubles per square meter of retail space. The upper limit remained largely unchanged over the year. In contrast, the lower limit increased by 28.1%.
I. Kozina, leading street retail specialist at Knight Frank Russia, comments: "In addition to external factors, rental rates also depend on other factors. The available space, floor level, and other factors play a significant role. As a result, rental rates for different areas tend to fluctuate. The highest rates are for premises on the lowest floors, each of which averages 50 square meters."
In the previous half of the year, the lobby and shopping and pedestrian area, both part of Park City, became fully operational. Construction on the Northern Bypass of Kutuzovsky Prospekt, designed to provide a link between the business center and several districts, is scheduled to be completed by 2023.
