From January to December 2021, commissioning of shopping centers in Moscow reached 359.6 thousand square meters of the gross leasable area. This represents a 37.4% increase of the new supply year-over-year.
The increase in new supply was due to the opening of a large number of significant projects, with the commissioning of many of them postponed from 2020.
Taking into account the size of commissioned objects, the level of provision of Moscow residents with high-quality retail space is up by 6.9% year-over-year, amounting to 569 square meters per 1,000 people. According to this indicator, Moscow is ranked 5th among million-plus cities of Russia, after Samara, Yekaterinburg, Nizhny Novgorod, Saint Petersburg.
At the end of the year, an increase in the level of vacant space in Moscow shopping centers was recorded up to 13.7% (1.9 percentage points higher than a year ago).
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.