St. Petersburg, 13 April 2023. Some 350,000 sq. m of quality warehouse facilities are scheduled to be commissioned in 2023, and a similar amount is expected to be launched in 2024. Of the total amount of warehousing projects currently under construction, approximately 500,000 sq. m of storage facilities fall into the category of speculative development.   

The key warehousing projects to be commissioned within the next two years include new extensions to Resurs company’s logistic parks PNK Park Shushary 3, Osinovaya Roshcha, and Parnas, Gepard Group’s Novoselye warehousing complex, Adamant company’s Armada Park, storage facilities Admiral in Gorelovo and 100K in Bugry, as well as a multi-temperature storage facility in Rusich-Shushary Park.

Two new warehousing facilities with a total space of 25,500 sq. m were completed in January through March 2023. One of them is a speculative extension to Octavian Complex in the north of the city (leased out to logistics company Interlogistika) and the other is an industrial production and storage facility, built by SMC Pneumatic for its own use in Gorelovo.     

Since the start of 2023 vacancy rate has fallen to 1.9%. Demand in January through March was comparable to the levels of the first quarter 2022: a total of 143,500 sq. m of storage spaces was leased out (vs. 146,100 sq. m in Q1 2022). This demand was predominantly (88%) driven by retailers and distribution companies. In particular, DIY hypermarket Vseinstrumenti.ru opened a 60,000-square-meter distribution centre in the newly commissioned extension to PNK Park Shushary 3. Also, IG Finance Development Limited, having acquired vacated local facilities from the Danish integrated logistics company Maersk, made a deal with the Russian food importer Arosa to lease out a 24,500-square-meter warehouse in PNK Park Sofiyskaya KAD.

To remind, the record commissioning of commercial properties in St. Petersburg in 2022 were predominantly driven by the warehousing segment. Over the 12 months of the last year, a total of 441,000 square meters of top-quality storage facilities was commissioned, almost thrice as much as in 2021, when a total of 162,000 sq. m was commissioned. The city has not seen such growth rates since 2008, when a total of 420,000 sq. m of new warehousing spaces was commissioned.