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13 Июня 2007, 13:23
Purchase and Sales Prices Dip across the Board MoM
The average weighted price on the commercial real estate purchase and sales market decreased by 1% m-o-m from $4,590/sqm in April to $4,556/sqm in May this year, as reported by Russian Research Group (RRG). According to the research results, the actual market volume is steadily increasing, with the first five months of this year showing a rise of 27% (May’s increase was 8%); however, the average weighted price dipped a bit, partially owing to the country’s May holidays which traditionally encompass the first two weeks of the month.
The office real estate segment continues to drive the commercial real estate market, as around 70% of purchases and sales involve office space. In this category, supply increased by 7% m-o-m and exceeded $5 billion for the first time in the three-year monitoring period, thus the significant increase in supply led to a decrease in price per square meter. Of course, the dip was only by 3%, from $5,128/sqm to $4,983/sqm. RRG’s experts are certain that the decrease does not reflect a market trend, but, rather, the increase in the average amount of space in a facility.
The situation was the reverse on the retail real estate market. The total area of retail space on offer decreased by 23% in May to 282,000 sqm. However, sales only dipped by 10% from $1.7 billion in April to $1.5 billion in May. Such an appreciable difference between these indices undoubtedly occurred as a result of growth in the average weighted price, as the average retail real estate price offer rose by 16% m-o-m to $5,445/sqm in May. This was also almost $500 more than the record price set in March of this year for retail space. Despite only 45 offers totaling 239,000 sqm in this segment, production and warehouse premises market indices varied quite a bit, although general performance trends were not clearly denominated. As RRG reports, there was a 9% increase in this segment. The overall area on offer rose by 20%, but the average price dropped by 8% to $1,607/sqm.
The open-use premises segment, such as space available for warehouse use and prospective street retail facilities, was the most difficult to analyze. Nevertheless, even warehouse facilities’ prices varied quite significantly, given that these premises could be reconstructed as office or retail space. The average cost for open-use premises declined by 4% m-o-m from $4,708/sqm in April to $4,500/sqm in May. Additionally, space on offer reduced by 6%, resulting in the overall area on offer educing by 10% in this segment. The number of facilities on offer also decreased.
The situation was the reverse on the retail real estate market. The total area of retail space on offer decreased by 23% in May to 282,000 sqm. However, sales only dipped by 10% from $1.7 billion in April to $1.5 billion in May. Such an appreciable difference between these indices undoubtedly occurred as a result of growth in the average weighted price, as the average retail real estate price offer rose by 16% m-o-m to $5,445/sqm in May. This was also almost $500 more than the record price set in March of this year for retail space. Despite only 45 offers totaling 239,000 sqm in this segment, production and warehouse premises market indices varied quite a bit, although general performance trends were not clearly denominated. As RRG reports, there was a 9% increase in this segment. The overall area on offer rose by 20%, but the average price dropped by 8% to $1,607/sqm.
The open-use premises segment, such as space available for warehouse use and prospective street retail facilities, was the most difficult to analyze. Nevertheless, even warehouse facilities’ prices varied quite significantly, given that these premises could be reconstructed as office or retail space. The average cost for open-use premises declined by 4% m-o-m from $4,708/sqm in April to $4,500/sqm in May. Additionally, space on offer reduced by 6%, resulting in the overall area on offer educing by 10% in this segment. The number of facilities on offer also decreased.
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