The Moscow total stock wasn’t replenished with a new shopping center in Q1 2019: only the 2-nd phase of the Ordzhonikidze 11 discount center (GLA 10,000 sq. m) opened at the beginning of the year. The opening of SEC Salaris was moved from March to April. About 400,000 sq m were announced for commissioning in 2019.
Rental rates haven’t been changed during Q1 2019. Asking rental rates are expected to grow by 2–4% which is mainly caused by inflation and indexation. We expect the growth of rental rates in 2020.
The vacancy rate in Moscow shopping centers continued to decline in terms of low level of new delivery volume and reached 6.5% in the end of Q1 2019.