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ASTERA prepared reviews of office, retail and warehouse property markets based on the results of Q1 2014

ASTERA an alliance member of BNP Paribas Real Estate prepared reviews of St. Petersburg office, retail, and warehouse real estate markets as of the end of Q1 2014.
Due to three new projects commissioned in the January-March period 2014, St. Petersburg office real estate market increased by 27.3 thou. sq.m. Following the results of the first quarter the overall supply of quality business centers amounted to 2,058.5 thou. sq.m of leasable premises.
Particularly, in Q1 three business centers of Class A and B+ were delivered. In Moskovsky district (Moskovsky pr., 156) ‘Electro’ office center of Class A was opened with the overall GLA of 15,700 sq.m. In Petrogradsky district (Bolshaya Pushkarskaya ul., 22) business center of Class A ‘Senator na Pushkarskoy’ was put into commission with the overall leasable area of 6,800 sq.m. In Krasnogvardeysky district (Zanevsky pe./Energetikov pr.) 3rd phase of ‘Zanevsky Kaskad’ was delivered with the area of 4,800 sq.m.
On St. Petersburg retail property market in Q1 multifunction shopping complex ‘Torgovy Dvor’ (Building A) was commissioned. The overall GLA on retail real estate market totaled up to 3,097,6 thou. sq.m.
By the end of the reporting period indicator of population provision with quality space reached 604 sq.m per 1,000 residents in Saint Petersburg. The highest indicator values were observed in Primorsky, Moskovsky, and Vyborgsky districts of the city.
In warehouse property segment of Saint Petersburg seven warehouse complexes were announced to be delivered by the end of 2014. The overall GLA of all complexes estimates at 143.2 thou. sq.m. If all the projects are implemented on time, warehouse market will increase by 12.2% and amount to 1,693 thou. sq.m.
According to the data of ASTERA an alliance member of BNP Paribas Real Estate, existing warehouse complexes as well as new large projects are located in the south and north-west of the city.
You can find full versions of ASTERA reviews here.