Warehouse market Q3 2021
Stock
In Q1–Q3 2021, 21 warehouses totaling about 230 ths. m2 were put into operation that was 2.4 times as much as spaces commissioned in Q1– Q3 2020. 82.5 ths. m2 of the commissioned warehouses are speculative (+11.5% vs Q1–Q3 2020). The others were built-to-suit and owner occupied projects.
About 145 ths. m2 of warehouse facilities are to be put in operation by the end of 2021. 72% of the properties are related to speculative supply.
Demand
In Q3 2021 an unprecedented volume of transactions was recorded – 330 ths. m2 of high- quality industrial properties were sold and rented out in the St Petersburg market. In the first nine months of this year, the gross transacted volume has already exceeded the result for the entire 2020 by 6.1% and amounted to 582,000 m2. 46% of the space was leased out. There were two transactions made under built-to-suit scheme on the St Petersburg market in Q3 2021 (34% of total transacted warehouse facilities).
The principal demand was formed by the companies of trade and distribution sector (73%). E-commerce segment led the market with 48% of gross demand (vs 14% in Q1–Q3 2020).
Occupancy
Low volumes of new speculative supply and high level of demand support an acute shortage of quality space on St Petersburg warehouse market.
As of the end of September, 0.5% (−0.8 p.p. in relation to the final indictor of 2020), was vacant in Class A warehouse buildings. In Class B warehouse complexes, 3.4% was vacant (−1.3 p.p. to December 2020).
In total, following the results of Q3 2021 at about 49 ths. m2 were vacant (that is 1.3% of total stock).
Rental rates
Increase in asking rental rates continued on the market in Q3 2021 (+14.7%). The YoY growth in asking rental rates made up +20.4% at the end of September 2021.
The average level of rental rates amounted to 470 − 680 Rubles per m2/month, inclusive of VAT and operating expenses. Utility charges are paid on the basis of actual consumption.
Maris’ share
34,700 m2 were transacted with the participation of Maris | Part of the CBRE Affiliate Network in Q1–Q3 2021.