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Moscow, 18 December 2013 – Jones Lang LaSalle presents the revised Moscow retail market completions forecast for 2013. According to preliminary countdown completions figure will not exceed the level of 200,000 sq m (18% less than in 2012).
In Q1-Q3 2013 Moscow market expanded with 142,000 of new quality premises, almost twice the level of Q1-Q3 2012. Taking account of high pipeline of Q4 2013, a record in previous three years (250,000 sq m) was anticipated.
Tatyana Kluchinskaya, National Director, Head of Retail Department, Jones Lang LaSalle, Russia & CIS, notes: “It is already clear that several announced projects will enter the market only in 2014. Several projects will be carried over to 2014 to compliment a number of large projects that have already been announced for 2014. Therefore we anticipate the completions figure to exceed the level of 600,000 sq m in 2014. If all the announced projects are completed on time, 2014 will set a record for new premises coming to the market. Previously the record level was registered in 2009 when the retail market added 500,000 sq m.”
Completions dynamics in MoscowSource: Jones Lang LaSalle
As for the Russian market as a whole the dynamics is similar. According to Jones Lang LaSalle preliminary data, 1.4m sq m of new premises (18% decrease YoY) will be added in 2013. In 2014 the Russian market might see a record completions figure of about 2m sq m. If all the announced projects are completed on time by the end of 2014, quality stock in Russia will achieve the level of 17.8 m sq m.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 242 million square meters and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management.In Russia and CIS Jones Lang LaSalle have offices in Moscow, St. Petersburg and Kiev. Jones Lang LaSalle, Russia was voted Consultant of the Year in 2004, 2006, 2007, 2008, 2009, 2010, 2011, 2012 and 2013 at the Commercial Real Estate Awards, Moscow and Consultant of the Year at the Commercial Real Estate Awards 2009, St. Petersburg.For further information, please visit www.jll.ru
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