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News Release

St. Petersburg

According to the results of 2011 the volume of free warehouse areas in St. Petersburg declined to 4.4 %

Jones Lang LaSalle specialists have summed up the development of warehouse Real Estate market of St. Petersburg over 2011

St. Petersburg, the 26th of January 2012  – The total volume of warehouse proposals on St. Petersburg market reached 1, 76 million sq m in the fourth quarter of 2011. Four high-quality warehouse complex (Class B) had been introduced into exploitation with total leasable area of 43 800 sq m, 19 800 sq m of them falls on the warehouses which occupied by the owner. It should be noted that during the previous three quarters of 2011 there were not displayed any qualitative warehouse object offered to lease on St. Petersburg market. At the moment, the number of construction objects remains low. Most of the planned on the 2011 entering warehouse areas has been moved to the 2012.

Active demand of the warehouse spaces was observed throughout the whole 2011. In the fourth quarter   total volume of deals exceeds 85 000 sq m. The most popular format for lease were still block areas 5000 – 10 000 sq m. The larger areas were also in demand. About a third of the deals in 2011 were closed in the range of 15 000 – 20 000 sq m.

During January-September 2011 the most active tenants on the warehouse market of St. Petersburg were manufacturing companies and retailers.

At the year-end vacancy rate was 4.42 %, or 80 000 sq m of qualitative available spaces. Active demand  of warehouse  spaces in high-quality projects has led to a further increase in rental rates from 105 – 115 US / sq m / year in the third quarter to 110 – 120 US / sq m / year ( excluding operating costs) in the fourth quarter. In general, over the past year , rates have shown growth on 5 – 10 %.

Veronika Lezhneva, Head of Research department of Jones Lang LaSalle in St. Petersburg, noted: «Trends that have been observed in the past year, will be also relevant in the new 2012 year. Vacancy will be continue to decline, because of the limited number of objects, scheduled to the delivery. Rental rates will continue to grow unabated, on 5 – 10 % per year. The most acute shortage of space may be in Class A, as is planned to be commissioned only two warehouse projects of this level of total leasable area of 50 000 sq m, with occupancy in them is already close to 50 %».

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL) - a company providing financial and professional services in real estate. Having an expert teams all over the world the company offers an integrated services to owners, tenants and investors, seeking increased value of their assets in real estate. The company's turnover in 2010 amounted to more than 2.9 billion U.S. dollars. Jones Lang LaSalle has  more than 180 offices worldwide operating in more than 750 cities in 60 countries. Jones Lang LaSalle is an industry leader in the management field of corporate real estate - a portfolio consist of  almost 167 million sqm around the world. LaSalle Investment Management, the investment management division, is one of the largest and most diverse in the world of assets under management worth more than $ 41 billion.
In Russia and CIS countries, Jones Lang LaSalle represented by offices in Moscow, St. Petersburg and Kiev. In 2004, 2006, 2007, 2008, 2009, 2010 and 2011, the company was honored with the award "Consultant of the Year" by Commercial Real Estate Awards, Moscow and prizes "Consultant of the Year" by Commercial Real Estate Awards, St. Petersburg in 2009. For more information about the company can be found on the site