INVESTMENT
In the first half of 2018, the volume of investment in real estate in Russia amounted to $ 1.2 billion rubles, which was 41% lower than in the same period last year. The share of investment in real estate in St. Petersburg, which has gradually increased since 2015, reached 43% ($ 500 million) in the first half of 2018, which is the maximum level for the market history.
OFFICE MARKET
A zero increase of the speculative offer led to a further decline in the vacancy rate. IT companies continued to create the principal demand. In view of volume decrease of vacant space in the lower price segment, the average rental rates in class A office buildings increased by 4.4% compared to December 2017.
WAREHOUSE MARKET
During the first 6 months any significant changes occurred in vacancies in the warehouse segment. At the end of June 2018, the vacancy rate was 4.8%. There was an increase in activity of the manufacturing sector. The average level of rental rates remained unchanged and was equal to 450 - 550 rubles per sq m/month.
RETAIL MARKET
In August 2016 – July 2018, there were no new shopping centers with the area more than 5,000 sq m delivered to the market. The increase of retail space was mainly due to detached hypermarkets and specialized retail centers. The vacancy rate decreased to 4%, however, since there is no acute shortage of retail space and due to the high level of rotation developers are not able to raise rental rates.
HOTEL MARKET
In 2018, St. Petersburg confirmed its status as an attractive tourist destination in the world and won prestigious tourism awards. The city took the first places among the cruise liner destinations and in the nomination for the preservation of the cultural heritage of the World Travel Awards 2018.