Russia Luxury Condos
The market of the capital did not experience any supply increase of quality retail space in Q1 2017 along with a year earlier: not a single shopping centre was opened. 15 retail facilities are scheduled for commissioning in 2017; their leasable area will be about 0.4 million sq m. Several interesting facts shall be highlighted characterizing the development of the retail real estate market of the capital. Thus, about 30% of the total volume of retail space approached the market in 2014–2016. Besides, there is a natural aging of retail properties: more than 40% of the Moscow market space will need renovation or redevelopment by 2020, according to our estimates. Also, the behavior of the capital buyer underwent some changes entailing changes in the concept of retail facilities.
Moscow Historic Industrial Zone Soon To Receive Modern Lifestyle Center
Moscow's new Riviera Retail Center, designed by Los Angeles based architecture firm 5+design, will soon revitalize one of Moscow's once thriving manufacturing districts. Located near the Moscow Kremlin on the edge of the Moskva River, Riviera will bring 100,000sm of high and mainstream fashion, electronics, hypermarket, restaurants, multi-screen cinema and other entertainment attractions.
Retail Market Saint Petersburg
Not a single shopping centre was put into
operation in Q1 2017 both in St. Petersburg
and Moscow. The total supply of retail space
in the northern capital will highly unlikely
rise. However, in the mid run, the growth of
supply will be ensured both by the opening of
new retail facilities (MEGA Novosel’e Shopping
and Entertainment Centre, Hollywood
Shopping and Entertainment Centre, Fashion
House Outlet Centre), and by extending the
functioning shopping centres (Zanevsky
Cascade Shopping and Entertainment Centre
(IV phase), Outlet Village Pulkovo (II phase),
Atlantic city Shopping and Entertainment
Complex).