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CBRE summerized H1 2018 results of Moscow Region Industrial Big Box market

- Demand in Moscow Region Industrial Big Box in 2018 promises to set historical record -

Moscow, 20 July 2018 – CBRE, global real estate advisor, summarizes H1 2018 results of the Moscow Region Industrial Big Box Market.

CBRE analytics recorded a 2-year maximum transactions volume on the Moscow region warehouse market. Total area of H1 2018 transactions amounted to 684,000 sq m, indicating a 38.7% growth compared to previous year performance. There is a stable demand on customized warehouse solutions – built-to-suit projects account for 17% of total H1 deals.

The largest Q2 transactions:

• Auchan signed a lease expansion agreement for 32,000 sq m in South Gate Industrial Park (project developer is Radius Group);
• Logistics company PEK leased 20,000 sq m in Adamant warehouse.

Distribution and retail companies have been most active on the warehouse market in H1 2018. FMCG & food and alcohol prevailed significantly in take-up structure by goods type.

Take-up dynamics and structure, ‘000 sq m

Source: CBRE, Q2 2018

At the same time, 134,000 sq m was commissioned in Q2 2018. Half-year completions account for only 68% of H1 2017 volume.

Total vacant space amounted to 1,015 sq m. Vacancy rate decreased to 9.1% of total stock.

Summary and forecast

High business activity both in demand and construction will maintain on the warehouse market in H2 2018:

• Given the previous quarters take-up dynamics. Total construction in 2018 is expected to reach 720,000 sq m. 66% of delivery represent speculative projects.
• Total annual 2018 demand is likely to reach 1.1-1.3 mn sq m,

• Based on demand and absorption forecasts, we expect by the end of 2018 total vacancy to account for 10.1% of warehouse stock.

• Commercial terms are likely to stay the stable. An increase in rental rates is possible on the submarkets with low vacancy levels.

Anton Alyabyev, Senior Director of Warehouse & Industrial Department, CBRE in Russia, said:

“In the first half of 2018 we saw a record high demand in 2 years on the Moscow region warehouse market. Take-up mostly represents long-term lease deals with Russian companies, expanding their warehouse capacity. At the same time, major development companies are becoming interested in speculative projects due to stable commercial conditions and gradual vacancy reduction.“