Category: Regular research report Property type: Offices, Industrial and Warehouses, Retail, Hotels, Capital Markets
Annual market overviews are regular Knight Frank’s products. The latest issue is dedicated to the results of 2008. It was not an ordinary year for the Russian real estate market. There were a number of economic and social developments which impacted the market. Macro- and microeconomic trends have changed and demand decrease has affected all the segments of commercial real estate market since the second half of 2008. Though the rental rates on Moscow retail market have managed to remain on maximum level of the middle of 2008 by January 1, 2009 (Overview release date). At the same time tenants’ outflow on the office and warehouse markets pushed the rental rents down in Q4 2008. Major investment risks growth has led to increase in cap rates all over Europe. The main results of the 2008 are, thus, lack of liquidity, rental rates and sale prices compression and drastic transformation the “lessors’ market” into a “lessees’ market”.
