H1 2024 | Russia | Moscow St.Petersburg | Warehouse and Industrial Market
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H1 2024 | Russia | Moscow St.Petersburg | Warehouse and Industrial Market
20.08.2024
industrial
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Russia’s industrial real estate market continues to experience a noticeable shortage of quality vacant space, which, coupled with persistently high business activity, is aggravating the supply-demand imbalance. The vacancy rate across Russia remains below 1%, while the volume of concluded lease and sale transactions in the first half of the year already exceeds by 31% the figure for the same period of the previous year. It should be noted that the demand is reaching a new average annual level for the market. Thus, the semi-annual value of the current year is already ahead of all the annual values of the pre-Covid period.

The amount of new supply can still be described as “moderate” at 961,000 sq m. Even though the supply is expected at the maximum level for the entire history of the market, most of the new speculative construction has already been contracted, which in its turn will not allow to reverse the current situation, and, most likely, the market will remain on the landlord’s side for at least another year.

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