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25.01. 2011 Commercial Real Estate Market Report. 2010 Results.

In 2010 commercial real estate market of Saint-Petersburg has seen a new trend of gradual revival and slow recovery of some market indexes: total supply and demand, leasing rates. Night Sky Realty Consultants reckon that after the crisis of 2008 – 2009 there is a certain stabilization of the high-quality office premises market.

Total Supply

2010 saw an ongoing trend of slowing down the pace of opening new office space. In 2010 about 180 000 square meters of new office space was put into operation in high-class business centre which amounts to 7,5% of the total supply on the market. The total supply of the high-quality office premises by the end of 2010 reached the point of 2,4 million square meters. The first half of 2010 had the largest part of the newly set up premises which was represented mostly by business centers with opening postponed from 2009.

Approximately 60% of all newly opened office space is represented by new construction objects, 30% - reconstructed buildings, other projects combine elements of new development and reconstruction. The largest part of newly opened offices is business centres of B/B+ class. By the end of 2010 the inner structure of different classes business centres look as follows: A class – 20%, B+ and B – 55%, C class – 25% of the total supply. Most significant event on the commercial property market in Saint-Petersburg in 2010 has become an opening of first A+ class business centre “Quattro Corti” situated on Pochtamtskaya Street 3-5, with the total area of 20 000 square meters. Quattro Corti accommodates modern business-centre of the world class, boutique hotel, panorama restaurant, café and underground parking. Among other large projects in 2010 we could point out the following:
- opening of the second turn of the business centre Pulkovo Sky of B + class situated next to the airport Pulkovo 2, Vnukovskaya Street. Total area of the second turn is 36 200 m2
- Business centre Gelsingforsky forming a part of the business quarter “Vyborgskaya embankment” of A class. Vyborgskaya embankment 45-47, total area 12 000 m2
- Putting into operation a techno park “Techopolis” in Pulkovo from the Finnish brand under the same name. Total area 23 000 m2

Demand

Demand for office premises grew gradually throughout 2010. Business centres of class B and B+ located in walking distance from metro were most demanded. Less frequently were demanded office premises of class A, however by the end of 2010 some business centres of A class enjoyed full occupancy (Benua, Oskar, Langenzipen) As a whole the occupancy of the business centres of C + class was reaching 100% by the end of 2010. Office premises of B/B+ were occupied by 80-90% (depending on the location), while objects of A class – enjoyed only 75-85% of occupancy.

In the beginning of the year most frequent were requests for offices from 15 up to 50 m2, in the second half of the year the share of requests for premises of 100-200m2 slightly increased. The average exposition term of the office premises of A and B+ class lasts from 2 to 6 months.

Leasing rates

While 2008-2009 saw a decrease in leasing rates, by the end of 2010 the rates have slightly grown. The increase amounted in average to 5-10%. While in 2009 the Lessor did not apply the practice of rates adjustment on a yearly basis nowadays they tend to return to this practice. The discount reached in negotiations process could amount to 5-7% in 2010. Business centres usually include the following payments into the rent:
- VAT
- Utility bills
- Security services
- Technical maintenance of the building
- Cleaning of the public access areas
- Reception services

Commercial real estate market trends in 2010

Further cuts in opening of new premises will lead to the situation when total demand and supply will level off which in its turn will cause a decrease in the number of vacant premises. Small office premises from 50 to 150 m2 in the business centres with completed finishing and good transport accessibility will continue to face a brisk demand. Night Sky Realty consultants think that 2011 will carry on the trend of slight increase in leasing rates by 5-10% per year. A trend of individual approach in elaborating the leasing terms with the Lessees will continue which will lead to the fact that the rent rates within one business centre might differ.