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Commercial real estate and Russian market of commercial real estate. Current situation and forecast
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Intesco Research Group

Commercial real estate and Russian market of commercial real estate. Current situation and forecast

Дата выпуска: 9 апреля 2012
Количество страниц: 124
Срок предоставления работы: 1 день
ID: 35374
41 850 ₽
Демоверсия
Описание Содержание
Описание

Subject of research:

COMMERCIAL REAL ESTATE MARKET

Goal of research:

EVALUATION OF THE MARKET AND FORECAST OF ITS DEVELOPMENT FOR 2011-2015

Regions of research:

RUSSIA

MOSCOW

SAINT PETERSBURG

Main blocks of research:

VOLUME OF RUSSIAN REAL ESTATE MARKET

RUSSIAN MARKET OF OFFICE REAL ESTATE

RUSSIAN MARKET OF RETAIL REAL ESTATE

RUSSIAN MARKET OF HOTEL REAL ESTATE

RUSSIAN MARKET OF WAREHOUSING REAL ESTATE

STATE REGULATION

TRENDS OF COMMERCIAL REAL ESTATE MARKET

PROFILES OF THE LARGEST CONSTRUCTION COMPANIES

FORECAST OF COMMERCIAL REAL ESTATE MARKET DEVELOPMENT FOR 2012-2015

Market segmentation:

BY THE SEGMENTS OF COMMERCIAL REAL ESTATE

BY REGIONS OF RF

BY YEARS

Profiles are made for the following largest Russian enterprises

«STROYGAZMONTAZH» LLC

"RZHDSTROY" OJSC

"STROY-TREST" OJSC

"ORION-STROY" LLC

"HOUSE-BUILDING FACTORY-1" OJSC

The sources of information, which are used in the research:

Federal State Statistics Service

The Ministry of Economic Development of RF

The Ministry of Transport of FR

The Federal Customs Service

The Federal Tax Service

Industry experts’ estimates

Reports on retail sales

Data of the main players of the branch

Data of professional associations

Printed and electronic publications of the branch

 

The research contains 46 schedules, 12 diagrams and 34 tables.

 

EXTRACTS FROM RESEARCH

RUSSIAN REAL ESTATE MARKET

The Russian real estate market increased in the first six months of 2000s. Until 2006 this development was relatively gradual and the growth rates of the volume of the commissioned buildings, though still growing, remained within 15% (the average growth rate for 2002-2006 was ***%).

In 2007-2008 the market volume suddenly increased. The reason for this was the combination of availability of relatively affordable credits in 2004-2006 that stimulated investment to the construction sector as well and the extension of mortgage programs and increasing living standards and an overall economic growth, which provided greater demand for real estate. After it reached its peak in 2008 the volume of new real estate commissioning started decreasing gradually, that was caused by the gradual completion of previously initiated projects and lack of the new ones.

According to preliminary estimates, in 2011 the market volume was minimal during the last five years that was caused by a very modest amount of construction, which began in 2008-2010 and amounted to *** mln. m2. 

RUSSIAN MARKET OF OFFICE REAL ESTATE

Real estate commissioning

The volume of modern office real estate space was rapidly increasing in Moscow in 2006-2011. For 2007-2011 the total area of such offices increased by *** times, having reached *** mln. sq. m. in 2011. Their average growth rate amounted to ***%.

When the financial crisis began the market development has slowed as a result of the freezing of a substantial part of the projects, which were designed for the greater availability of financial flows from their owners and the high rents that are no longer supported by the market.

Cost of renting

The average lease rate, which reached its peak in 2007-2008 during the economic peak, decreased by about a third with the beginning of the crisis. In 2010-2011 a gradual increase in rental rates began again, but it was less steep than that in the period of inflation of the economy in 2006-2008 and in general it was corresponded to the dynamics of operating expenses after adjusting for inflation and other costs.

After the lease rates reached its maximum in 2009 their next increase was, firstly, smooth without sudden changes that were characteristic of former 3-4 years, and, secondly, much smaller than in previous years - in a segment of class A offices an average annual growth was about ***%, %, class B - about ***% in 2010-2011. By the way, the last one was due to the relatively low "basic" price level (the level of 2009), after that the rapid compensatory growth of the market followed. In А segment there wasn’t such a growth because the reducing of rent cost began a year earlier here and was relatively smooth.

The lease rates are expected to increase gradually in the nearest future, now they are restrained by an excess of available office space and post-crisis state of the economy, which did not completely recover.

After significant fluctuations in operating expenses in 2007-2009, caused by market adaptation to the rapidly changing environment, the growth rate declined to ***% per annum, that corresponds to all-Russian inflation on the whole.

RUSSIAN MARKET OF WAREHOUSING REAL ESTATE 

 For 2006-2011 the total volume of warehouse space increased by about *** mln. sq. m in Moscow, having increased *** mln. sq. m. in 2011. The average annual increase of the area amounted to ***%.

 The warehouses of class A accounted for the most of this increase, which increased in this period by *** mln. sq. m. Class B warehouses were commissioned much more slowly and in six years they increased by about *** ths. sq. m. 

TRENDS OF COMMERCIAL REAL ESTATE MARKET

Common trends of commercial real estate market

The Russian market of commercial real estate may be divided into two geographical segments: the capital and the regional ones. At the same time in some segments even the capital markets can be called «provincial» (for example, the segment of warehouse real estate in Saint Petersburg is distinct by low saturation of modern real estate and it is comparatively different from the regional markets).

The capital market is characterized by a high degree of penetration of modern business models, a high social standard of living and a comparatively high demand for related services. By the sum of these items the capital markets are close to the western ones, that makes it relatively easy to adopt the Western standards without major changes to apply them to Russian conditions.

In regions these conditions are not fulfilled: the volume of potential consumers here is too small, and the level of their income does not allow creating capital inflows, required to maintain the infrastructure in such facilities. That’s why the main feature of the regional real estate market is its standards’ adaptation to the conditions of lower finance, which manifests itself in the changing business processes and the functionality of such facilities in accordance with the environment. Various forms, which are taken by these changes, are of interest for not only investors in the medium term by the implementation of specific projects but they can also provide the necessary expertise for long-term innovative development of the market.

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RESEARCH METHODOLOGY

LIST OF SCHEDULES, DIAGRAMS, TABLES AND SCHEMES

1.GENERAL ECONOMIC SITUATION IN RUSSIA

1.1. Population in Russia

Population size

The largest cities

Social standard of living

Economic activity

1.2. Economic situation

Dynamics of economic development

Stability of state budget

1.3. International Russian position

RF share in the population of the world

2. WORKING PROCEDURE

2.1. The description of the market

Classification of real estate

Classification of office real estate

Classification of retail real estate

Classification of hotel real estate

Classification of warehousing real estate

Main notions

2.2. The used classifications

Classification as per All-Russian Classification of Products on types of economic activities

2.3. Methodological guidelines for the research

The considered classes of real estate

The used data sources

3. RUSSIAN REAL ESTATE MARKET

3.1. Market volume in physical terms

Volume of real estate commissioning

Real estate commissioning by classes

Regional structure of building commissioning

3.2. Market volume in money terms

Volume of proceeds by years

Structure of proceeds by federal districts

Regional structure of proceeds

4. RUSSIAN MARKET OF OFFICE REAL ESTATE

4.1. Moscow market

Real estate commissioning

Cost of renting

4.2. Saint Petersburg market

Real estate commissioning

Cost of renting

4.3. Regional markets

5. RUSSIAN MARKET OF RETAIL REAL ESTATE

5.1. Russian retail market

Market volume

Regional structure of the market

5.2. Moscow market of retail real estate

Volume of real estate

Use of space

5.3. Saint Petersburg market of retail real estate

Volume of real estate

Use of space

5.4. Regional markets

6. RUSSIAN MARKET OF HOTEL REAL ESTATE

6.1. Russian market

Volume of real estate

Proceeds by regions

Use of space

6.2. Moscow market

Volume of real estate

6.3. Saint Petersburg market

Volume of real estate

7. RUSSIAN MARKET OF WAREHOUSING REAL ESTATE

7.1. Moscow market

Volume of real estate

Use of space

7.2. Saint Petersburg market

Volume of real estate

Use of space

8. STATE REGULATION OF COMMERCIAL REAL ESTATE

Legislation changes

Social burden

Hotel real estate

Moscow real estate market

9. TRENDS OF COMMERCIAL REAL ESTATE MARKET

Common trends of commercial real estate market

Warehousing real estate

Office real estate

Hotel real estate

Retail real estate

10. THE LARGEST COMPANIES OF COMMERCIAL REAL ESTATE MARKET

10.1 Real estate developers

10.2 Audit and consulting companies

11. PROFILES OF THE LARGEST CONSTRUCTION COMPANIES

11.1. "STROYGAZMONTAZH" LLC

Reference information

Types of activity

Balance sheet

Profit and loss statement

Cash flow statement

Financials of activity

11.2. "RZHDSTROY" OJSC

Reference information

Types of activity

Balance sheet

Profit and loss statement

Cash flow statement

Financials of activity

11.3. "STROY-TREST" OJSC

Reference information

Types of activity

Balance sheet

Profit and loss statement

Cash flow statement

Financials of activity

11.4. "ORION-STROY" LLC

Reference information

Types of activity

Balance sheet

Profit and loss statement

Financials of activity

11.5. "HOUSE-BUILDING FACTORY-1" OJSC

Reference information

Types of activity

Production volume

Balance sheet

Profit and loss statement

Cash flow statement

Financials of activity

12. FORECAST OF COMMERCIAL REAL ESTATE MARKET DEVELOPMENT FOR 2012-2015

12.1. Real estate commissioning

12.2. Market development program

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