The Moscow development pipeline is drying out, and developers are focusing on smaller projects of less than 5,000 square meters of gross leasable area, according to Cushman & Wakefield.
At the beginning of the year, developers announced that 12 quality shopping centers with a total leasable area of 328,000 square meters were to be delivered in 2011. In the first three quarters, only three of them were delivered to the market.
The current pipeline for 2011 has been reduced to 227,000 square meters, with six quality projects totaling 91,000 square meters of leasable area planned to be delivered in 2012-13.
The overall situation in Russia looks much better. In the first three quarters, 14 projects (three in Moscow and 11 in the regions) were delivered, with 524,000 square meters of leasable space, seven of them in the third quarter.
More than 2 million square meters of leasable area is to be built in 2012, according to Cushman & Wakefield.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
