Less new retail space launced in St Petersburg

In 2007 the rates of new retail space delivery dropped in St Petersburg by more than half compared to 2006. …

According to Maris | Part of the CBRE Affiliate Network, the aggregate new supply came to 710,000 sqm in 2007, while GLA neared 450,000 sqm. For the sake of comparison, the new supply in 2006 exceeded 1 mln sqm. The company's analysts believe that the St. Petersburg market is close to saturation expected in 2009-2010, in their estimation.

The total supply of quality retail space at the end of 2007 ranges from 2.18 mln sqm (the data of Colliers International) to more than 3 mln (LCMC). Becar Commercial Property SPB analysts report a total of 2.75 mln sq m of quality supply as of the end of last year, or 598 sq m per 1,000 residents. The following large properties delivered in 2007 deserve mentioning: The Promenade shopping center on Komendantsky Prospect with total area in excess of 20,000 sq m. IB Group was responsible for conceptual development; Raduga mall on 18 Kosmonavtov St. a with total area nearing 90,000 sq m. Among the large tenants are Real hypermarket, DIY hypermarket, OBI, Stockmann department store, Kinostar De Lux multiplex, MediaMarkt et al. Kontinent-2, developed by Adamant on Baikonurskaya St., with total area nearing 44,000 sqm. Among the tenants are Snezhnaya Koroleva, M.Video, Domovoi household appliance hypermarket and Junior children's goods supermarket.

The first phase CITY Mall shopping center, developed by Makromir on Ispytatelei Prospect, with total area nearing 23,000 sqm; among the tenants are the grocery hypermarket Karusel, household appliances store Mir, DIY supermarket Leroy Merlin, et al., the cre.ru website said.