From January to December 2021, commissioning of shopping centers in Russia reached 901.8 thousand square meters of the gross leasable area. This represents a 49.3% increase of the new supply year-over-year.
The Russian leader in terms of introducing a new supply in 2021 was the Central Federal District: GLA 375.6 thousand sq. m, or 42% of the total volume commissioned. The Volga Federal District is ranked second, with GLA 246.1 thousand sq. m, or 27% of the entire volume. The Urals Federal District is ranked third, with GLA 117.6 thousand sq. m, or 13% of the total new supply.
Total supply of such facilities operating in Russia amounts to 50.14 million square meters of gross building area, or 29.96 million square meters GLA. Excluding the retail objects of Moscow, the Moscow region and St. Petersburg, total supply of the facilities operating in other regions of Russia amounts to 28.82 million square meters of gross building area, or 17.94 million square meters GLA
The share of regional cities in the new supply (GLA) commissioned in 2021 reached 57%.
The average floor area of a new shopping center increased by 13% compared to the previous year and amounted to 25.8 thousand square meters GLA. However, it still remains in the range typical for a district-scale shopping center. This trend towards an increase in the average area is considered temporary: a few months after, half of the objects under construction with a scheduled opening date in 2022 are shopping centers of a micro-district and district formats.
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, in Russia. We are tracking this indicator more closely within our extended Market Reports.