Research & Forecast Report Retail market
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1 ths sq m (GLA) MOSCOW RETAIL MARKET Q Research & Forecast Report Retail market Supply In Q1 2016, no new shopping centres were opened in Moscow, what became a record for the last 10 years. The only significant event on the market was the grand opening of SEC Avenue South-West, which technically opened in Q According to the statistics of the previous years supply in the Moscow region, about 15-20% of the total annual completion has been opened in the first quarter of each year. In some cases the completions level for Q reached almost half of the annual delivery, as it was, for example, in 2011 and According to the results of shopping centres database qualitative revision fulfilled by Colliers International the current volume of quality retail spaces in the professional shopping centres in Moscow and satellite cities amounts 6,168 thousand sq m of GLA, including specialized shopping centres. The shopping centres provision in Moscow amounts to 329 sq m per 1,000 capita, and reaches 444 sq m per 1,000 inhabitants when including cities satellites. The most active developers of commercial real estate in the Moscow region include the following companies: ENKA with the construction of SEC on Kashirskoye highway and the multi-functional project in place of Kapitoliy Sheremetyevskaya, Regions Group of companies with the new amusement Park in Nagatino and the project of SC June on Preobrazhenskaya square, Immochan with the shopping centre under construction on Proletarskiy prospekt and projects of retail parks on the Yaroslavskoye highway and highway M-4 Don, Tashir Group of companies with construction of the mixed-use object Izvestiya, mixed-use project on Aminyevskoye highway and the shopping centre RIO Mytishchi, IKEA company with the projects MEGA Mytischi and further expansion plans for MEGA Tepliy Stan, and the company TPS Nedvizhimost with its two shopping centres under construction, SEC Okeaniya and SEC on Khoroshevskoye highway. Key market indicators in Q INDEX Total stock, including specialized SC, thousand sq m (GLA) VALUE 6,168 Total stock, thousand sq m (GLA) 5,344 Completions in Q1 2016, thousand sq m (GLA) 0 Number of shopping centres, opened in Q Vacancy rate, % 8 Retail stock per 1,000 capita, sq m (GLA) Moscow 329 Moscow with satellites 444 Completions dynamics by quarters Q1 Q2 Q3 Q4, developers data
2 thousand sq m (GLA) As for the distribution by territorial zones, the largest stock of retail spaces (58% of total GLA) in Moscow is concentrated between the Third Transport Ring and MKAD, which is the largest zone of the city in terms of area. The main share of city s residential development, as well as industrial zones, formed potential for implementation of the large-scale retail projects. The second place in the distribution structure with 27% of the total retail stock refers to the territory of MKAD. The Moscow Ring Road became a point of attraction for several developers, which in turn lead to the presence of the large format SEC chains such as MEGA, VEGAS, and RIO in this area. The Moscow region remains underestimated in terms of quality retail development. In spite of a number of cities located outside MKAD and demonstrating retail space provision which is several times higher than that in the capital, most of the cities in the region continue to face a deficit of quality shopping centres. The cities with the highest potential for professional retail development (also taking into account the socio-economic indicators) include, for example, Podolsk, Balashikha and Dolgoprudny. Currently, in this rating there are also cities that might lose their potential for new development in the next two years as, for example, Pushkino: in case of completion of all announced projects, the city's shopping centres provision will exceed 850 sq m by the end of Among all cities, Kotelniki is the undisputed leader by the level of shopping centres provision in the Moscow region with the value reaching 5,890 sq m per 1,000 capita. However, this value is provided by the small population (43,000 people) and the territorial proximity of such projects as MEGA Belaya Dacha and Outlet Village Belaya Dacha. Considering the cities with population over 100,000 people, the top five cities with the highest provision and minimum potential include Reutov, Krasnogorsk, Khimki, Mytishchi and Elektrostal. For example, in Mytishchi, by the end of 2017, the announced volume of new retail space completions will add over 60% more to the existing stock, and that figures do not include the IKEA project. The main completions in the Moscow region in the nearest perspective will be concentrated between the Third Ring Road and MKAD and in the adjacent cities. For this reason, relatively large cities with a deficit in retail space, located along major radial highways (30-50 km from Moscow), especially in perspective areas of mass housing construction, might become an attractive option for the new retail development. Structure of retail spaces inside MKAD by territorial zones, Q Territorial distribution of retail space completions inside MKAD % inside Bulvatnoye Ring TOP-20 cities of Moscow region with population over 100 ths people with maximum and minimum retail space provision Reutov Krasnogorsk Khimki Mytishchi Elektrostal' Serpukhov MOSCOW Kolomna Lyubertsy Odintsovo Dolgoprudny Podolsk Voskresensk Naro-Fominsk Balashikha Istra Egoryevsk Ramenskoye Noginsk Pushkino 1% 4% 10% 58% F MKAD the Third Transport Ring/MKAD Sadovoye/the Third Transport Ring Bulvarnoye/Sadovoye inside Bulvarnoye Ring between Bulvarnoye and Sadovoye between Sadovoye and the Third Transport Ring between the Third Transport Ring and MKAD along MKAD MAX MIN Retail space provision by 1,000 capita, sq m GLA, Retail space provision qrowth by 1,000 capita, sq m GLA, by the end of Retail market overview Q Moscow Colliers International
3 Demand One of the most expected openings took place in Q1 2016: international brand of children s edutainment centres Kidzania opened its doors to visitors in SEC Aviapark. In the begging of 2016, a landmark event in the fashion segment became the opening of the first mono-brand store of underwear Victoria's Secret in SEC Europeyskiy. This is the first shop providing full range of goods for the retailer in the Russian market. Furthermore, the famous French patisserie Ladurée, which opened in Moscow on Malaya Bronnaya Street, increased the food & beverage segment. The number of new entrees is comparable to the results of Q1 2015, when seven new international brands entered the Russian market, five of which opened their first stores in Moscow. Regarding the plans of other international brands to enter Russia by the end of 2016, currently, among those who are actively considering premises or going to open their stores in the nearest future are six chains, including the fashion brand COS by H&M. Vacancy By the results of Q1 2016, the vacancy rate in Moscow shopping centres remained stable and amounted to about 8%, according to our estimates. The shopping centres opened in late with a high vacancy rate, are gradually being leased out, and the most successful examples of them are SEC Columbus (8%), the shopping centre Aviapark with the vacancy rate of 9% by the end of Q1 2016, and Centralny Detskiy Magazin on Lubyanka (4%). However, there still have been projects on the market, which demonstrate high share of vacant spaces and are being leased in a rather low pace, what significantly affects the average vacancy rate in quality shopping centres in Moscow. Taking into account the planned completion of several large-scale shopping centres in 2016, availability of large number of alternative vacant retail premises and the lack of positive trends in the economy (which were forecasted during H2 2015), the vacancy rate in Moscow shopping centres is likely to be adjusted upwards and by the end of the year might reach 10%. International brands, opened in Q or planning to enter Russian market in 2016 BRAND ORIGIN PROFILE STATUS* Victoria's Secret USA Lingerine Opened Kidzania Mexico Edutainment Opened Barbour UK Fashion Opened Ladurée France Food&beverage Opened Veta** Estonia Fashion Opened John Varvatos USA Fashion Opened Armani Exchange Italy Fashion In progress Newby London UK Tea In progress Eataly Italy Food&beverage In progress COS Sweden Fashion Plans The Walt Disney USA Children goods Plans Kiko Milano Italy Cosmetics Plans * Relevant as of **First opening in St. Petersburg Vacancy in Moscow shopping centres 10% 8% 6% 4% 2% 6.0% 5.0% 3.0% 2.0% 2.8% 6.0% 8.0% 10.0% 0% F 3 Retail market overview Q Moscow Colliers International
4 Trends and Forecast According to the developers data, around 540,000 sq m of quality retail space is planned for completion until year-end in the Moscow region. Among the key projects of the shopping centres, expected to open during 2016, are Riga Mall, Riviera, the projects of TPS Nedvizhimost Okeaniya and the SEC on Khoroshevskoe highway, Butovo Mall and SEC Metropolis, phase II. In addition to the expected openings of large-scale and landmark shopping centres, developers announced a number of plans primarily focused on the quality improvement of existing shopping centre. For 2016 there are plans for reconstruction of trading house Druzhba at Novoslobodskaya metro station and trading house Perovo at Novogireevo metro station. Partial reconstruction and construction of the second phase is planned for the shopping centre Zolotoy Vavilon in the Otradnoye district. Within the reconstruction of mixeduse centre Izvestia by Tashir group of companies the shopping gallery Tverskoy Passage, which has been closed since 2012, is waiting for its opening. By the end of 2016, there are plans to start the construction of the second phase of Dream House shopping centre. In the medium term, Moscow retail real estate market will significantly increase with retail space through the implementation of The Program of transport hubs construction (totally 273 objects), which implies construction of almost 10 million sq m of retail space allocated in the transport hubs. The major share of this stock will be comprised of support retail. However, some transport hubs might include classic shopping centres. The most promising projects with interesting locations attract interest of all professional developers. Another interesting case for Moscow will be the reconstruction of 39 Soviet-era cinemas, acquired by ADG Group, which will also affect the stock of commercial space in the capital. Generally, in the next few years the key trends on retail real estate market of the Moscow region will be: > qualitative improvement of existing shopping centres through the reconstruction, renovation or complete redevelopment of the properties; > gradual move away from the era of "giants projects" to the new formats such as retail in the infrastructure projects, retail parks along highways, high-quality neighborhood shopping centres with pedestrian accessibility. Major shopping centres scheduled for completion in Moscow region by the end of 2016 Shopping centres scheduled for completion in Moscow region by the end of 2016 PROPERTY ADDRESS GLA, М² DEVELOPER Riviera 18 Avtozavodskaya st. 100,000 Riviera Riga Mall Novorizhskoye hwy, 5 km from MKAD Okeaniya 3 Slavyanskiy blvd 60,000 Butovo Mall SEC 15 Voskresenskoye, Yazovo Khoroshevskoye hwy, near Polezhaevskaya metro station 80,000 Riga Mall TPS Nedvizhimost 57,000 MD Group 53,000 Kosino Park 5 Svyatoozerskaya st. 39,000 Metropolis, phase II TPS Nedvizhimost TEN Group of companies 16 Leningradskoye hwy 38,000 Capital Partners Kievskiy 2 Kievskaya st. 35,000 Patero Development 4Daily Mitishchi, Mira st. 26,000 SRV Festival 6 Novopetrovskaya st. 13,000 Atlantis BabyStore 1/2 Staropetrovskiy proezd 12,000 Glincom Metromall 73 Dmitrovskoye hwy 10,600 Glincom Akvarel Yuzhnaya 9/1 Kirovogradskaya st. 7,600 Imagine Estate Versal 26 Yubileyniy pr. 7,000 n/a Fashion House Moscow, phase II Riga Mall SEC on Khoroshovskoye highway Okeaniya Butovo Mall Chernaya Gryaz, Leningradskoye hwy Metropolis, Phase II Kievskiy Riviera 4,500 Kosino Park Fashion House Group 4 Retail market overview Q Moscow Colliers International
5 554 offices in 66 countries on 6 continents United States: 153 Canada: 34 Latin America: 24 Asia Pacific: 231 EMEA: 112 $2,5 billion in annual revenue 185,8 million sq m under management professionals and staff Colliers International Russia 10 Presnenskaya Embankment BC Naberezhnaya Tower, Block C, 52 nd floor Moscow, Russia Volynsky Lane, 11 th floor BC Northern Capital St. Petersburg, Russia colliers.ru Nikolay Kazanskiy Managing Partner Nikolay.Kazanskiy@colliers.com Vladimir Sergunin Partner Vladimir.Sergunin@colliers.com Stanislav Bibik Partner, Executive Director, Head of Capital Markets Stanislav.Bibik@colliers.com Anna Nikandrova Partner, Regional Director, Retail Agency Anna.Nikandrova@colliers.com Margarita Aristarkhova Regional Director, Property Management Margarita.Aristarkhova@colliers.com Amel Djerroudi Regional Director, Project Management&Building Consultancy Amel.Djerroudi@colliers.com Vera Zimenkova Regional director of the department of corporate solutions and office real estate Vera.Zimenkova@colliers.com andrey kosarev General Director, St. Petersburg andrey.kosarev@colliers.com Vladislav Nikolaev Regional Director, Strategic Consulting Vladislav.Nikolaev@colliers.com dmitry romanov Regional director, Valuation dmitry.romanov@colliers.com eleonora bogdanova Business Development Director, Warehouse&Industrial eleonora.bogdanova@colliers.com Kermen Mastiev Director, Sales&Acquisitions, Offices Kermen.Mastiev@colliers.com Francois Nonnenmacher Director, Occupier Representation Francois.Nonnenmacher@colliers.com Ekaterina Podlesnykh Head of Street Retail, Russia Ekaterina.Podlesnykh@colliers.com ekaterina fonareva Director, Residential ekaterina.fonareva@colliers.com Sayan Tsyrenov Director, Capital Markets Sayan.Tsyrenov@colliers.com Olga Kozlitina Regional Director, Marketing&PR Olga.Kozlitina@colliers.com Veronika Lezhneva Director, Research Veronika.Lezhneva@colliers.com Colliers International Group Inc. (Nasdaq:CIGI, TSX:CIG) is a global leader in commercial real estate services with more than 16,000 professionals operating from 554 offices in 66 countries. Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals Global Outsourcing for 10 consecutive years, more than any other real estate services firm. The Lipsey Company and National Real Estate Investor magazine ranked Colliers International among three most recognized commercial real estate brands. Colliers International opened its office in Russia in 1994, today the offices in Moscow and St. Petersburg has more than 250 employees. Colliers International in Russia is a member of the Russian Guild of Property Managers and Developers (RGUD), Russian Council of Green Building and Russian Council of Shopping Centres (RCSC), Russian Managers Association. Copyright 2016 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. Accelerating success.
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