St. Petersburg, 17 January 2023. A total of 614,300 square meters of new commercial real estate was commissioned in St. Petersburg and the adjacent areas of Leningrad Region in 2022, 1.9 times as much as in 2021. The growth was driven mainly by a record pace of warehouse facilities commissioning – a total of 441,000 square meters of new storage facilities was commissioned over the period, vs. just 162,000 square meters in 2021.
According to Nikoliers data, record growth in the warehousing segment was achieved as a result of launching large distribution centres for online retailers, after enormous amounts of new storage capacities were contracted in 2020-2021 within BTS projects.
Office space additions in 2022 amounted to a total of 157,000 square meters, almost 16,000 sq. m more than in 2021. Notably, all the new office facilities fall into the category of speculative construction. The largest new facilities include a third extension to Nevskaya Ratusha business hub (44,500 sq. m of GLA), Ferrum II (28,300 sq. m of GLA), Morskaya Stolitsa (26,500 sq. m of GLA) and Avior Tower-1 (16,000 sq. m of GLA).
Retail property segment added just 16,000 square meters of new space, down from a total of 18,000 sq. m commissioned in 2021. There was one retail project with a district-level catchment area – shopping mall Prometheus in Kalininsky District.
Nikoliers data show that in 2023 a total of 620,000 sq. m of commercial properties in St. Petersburg and Leningrad Region should be commissioned. Over a half of the total (57%, 352,000 sq. m) is to be delivered in the warehousing segment, 31% (190,000 sq. m) in the office property segment, and the remaining 12% (85,000 sq. m) falls into the category of retail facilities.
Shopping malls to be launched in 2023 include EcoPark in the town of Murino in Leningrad Region, Park Mall Green and a fourth extension to Zanevsky Cascade shopping mall. Overall, there are five shopping malls currently under construction in St. Petersburg with a total gross leasable area of over 160,000 sq. m, these are planned to be commissioned within the next two years.
