Moscow rents expected to rise
Jones Lang LaSalle has issued its Shopping Centre Rental Map which illustrates current market conditions across a range of European countries, giving an at-a-glance view of prime shopping centre rental levels together with short term growth prospects.
The highest prime shopping centre rents during Q1 2010 in Europe were achieved in the United Kingdom at €1,900 per sq m per annum, followed by France (?1,700). The third most expensive rents were recorded in Russia (?1,500) followed by the rest of Western Europe. Due to the limited availability of prime retail space in many shopping centres across Europe, the outlook for prime rents in most European markets is stable despite the inevitable slowing of demand from occupiers over the last 18 months.
James Dolphin, Head of European Retail Agency at Jones Lang LaSalle, said: “Despite some softening of occupier demand over the past 18 months, the outlook for prime rents in shopping centres in most European markets has remained stable. The scarcity of prime product and a weak development pipeline will further enhance the rental growth potential for the best product in core locations. Key markets we expect to witness strong growth over the next six months are Russia and Finland. However, downward pressures still exist on rents in some locations, such as Spain, Ireland, Romania and Hungary due the constraints on the economy and the perceived increase in unemployment.
Overall, the dynamic face of retailing and continuing demand from new retailers for prime shopping centres, together with active management opportunities should continue to go some way in shielding the best schemes from challenging occupier conditions.”
Maxim Karbasnikoff, European Director, Russia & CIS, Head of Retail Department Jones Lang LaSalle, commented: "Since Q4 2009, we have seen an improvement in retail sales, particularly in Moscow. These trends, noted in H1 2010, give confidence to occupiers for future development. With existing supply limited and the future pipeline significantly reduced due to lack of financing, we expect to witness a growing tension between supply and demand in the next six months, and this will drive rents upwards, at least for prime retail schemes."
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 149 million square meters worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with approximately $40 billion of assets under management.
In Russia and CIS Jones Lang LaSalle have offices in Moscow, St. Petersburg, Kiev and Almaty.
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