From January to March 2021, commissioning of shopping centers in Moscow reached 39.5 thousand square meters of the gross leasable area. This represents a 70% decrease of the new supply year-over-year.
This new supply was ensured by opening of only two objects: “Gravitation” shopping and entertainment center (GLA 18.5 thousand sq. m) and “Prime Plaza” shopping and entertainment center (GLA 20 thousand sq. m).
Taking into account the size of commissioned objects, the level of provision of Moscow residents with high-quality retail space has not changed and amounts to 532.2 square meters per 1,000 people. According to this indicator, Moscow is ranked 4th among million-plus cities of Russia, ahead of St. Petersburg, and after Yekaterinburg, Samara, Nizhny Novgorod.
At the end of the quarter, an increase in the level of vacant space in Moscow shopping centers was recorded up to 12.3% (5.8 percentage points higher than in the 1st quarter of the previous year).
The market supply of new or renovated shopping centers is a key factor shaping the demand for professional retail furniture, in short to medium terms. We are tracking this indicator more closely within our extended Market Reports.