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Jones Lang LaSalle announces the Q3 2013 results
Moscow, 17 October 2013 – New completion volume continues to increase reaching pre-crisis levels. About 433,000 sq m of warehouse space entered the market in Q3 2013 which is 44% higher than in Q3 2012, Jones Lang LaSalle analysts reported.
Among Q3 2013 completions are new buildings in PNK-Chekhov (168,000 sq m, developer – PNK Group), Logopark Sever (110,000 sq m, developer – Logopark Development), 3 phase of Klimovsk LP (48,000 sq m, developer – Raven Russia) and 2 phase of Noginsk LP (37,000 sq m, developer – Raven Russia). According to Jones Lang LaSalle forecasted annual completion will increase by 59% YoY and reach its maximum over the last 4 years at 950,000 sq m.
Petr Zaritskiy, National Director, Head of Warehouse and Industrial Department, Jones Lang LaSalle, Russia and CIS, commented: “Despite high completion volumes, there is almost no vacant space on the market (overall vacancy rate does not exceed 1%) as the majority of Q3 2013 projects (82%) were pre-let or sold before completion. The deficit will remain in the next 6 months as almost all warehouse space expected in Q4 2013 and 30% of 2014 pipeline is already contracted.”
Dynamics of New Warehouse Supply in Moscow RegionSource: Jones Lang LaSalle
Natalia Kopeychenko, Head of PR
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