12 News: Leasingagreementshavebeensigned withthreeanchortenantsofthe"Vegas" ShoppingandEntertainmentCenter(pre- viously-"KashirskiyMall").Theretail- ers-"Ashan"and"M.video"arerenting 22,000and3,700sq.m.respectively,and amulti-plexcinemaLyuksorwilltakeup 5,500sq.m.intheshoppingandenter- tainmentcenter.Thiswasannounced byArtProperties,theconsultantinthe project."Ashan"and"Lyuksor"have concluded17-yearleaseagreements andM.video–a10-yearagreement.The leasingrateshavenotbeenreleased.Art Propertiessaysthat78%oftheshopping centerisnowoccupied. The"Vegas"Shoppingand EntertainmentCenter,beingimple- mentedbythe"CrocusGroup",islocated attheintersectionofKashirskoyeShosse andthe24thkilometeroftheMoscow RingRoad,closetothe"TvoyDom" Hypermarket.Theformalopeningof "Vegas"isscheduledforSeptember<strong>2009</strong>. Theshoppingandentertainmentcenter's 398,000sq.m.willhold300shopsand boutiques,ahypermarket,amultiplex- cinema,anicerinkandathemepark. Investmentsintheprojectareestimated at10.9billionrubles. AccordingtoIvanNazarov,aleading consultantof"MagazinMagazinov,in associationwithCBRichardEllis",the projectisenormousinscale,evenfor thepre-crisisperiod."Ipresumethat theprojectwillhavetroublestickingto itsoriginalconcept.Additionally,this projecthasbeenleasedoutatrelatively highrates.Accordingtoourinformation, manytenantsarenowintheprocessof renegotiatingtheirpre-crisesleasing agreements.Giventhedetermination ofownerstostandfirmonleasingrates andthecurrenteconomicsituation,the centermaywelllosesomeofitstenants beforeopeningday,"emphasizedMr. Nazarov. TatyanaKlyuchinskaya,thedirec- torofcommercialrealestateatColliers Internationalnotedthat"Ashan"and "M.video"usuallyleasespaceatlow rates,oftendemandingthatleasingpay- mentsaresetasapercentageoftotal salesturnover."Thoughtheleasing ratesatthecomplexhavenotchanged dramatically,therehadbeenslightdown- wardadjustmentsfromthoseinexistence duringthepre-crisisperiod.Ibelievethat even"Lyuksor"triedtobaseitsleasing rateonapercentageofturnover–and inthiswayachievingadiscountinthe neighborhoodof20-30%,"shesuspects. "Suchtenantscouldpayrentsin accessof$1.5millionperyear,amovie theater-$600-800thousand,butthe mainissuehereisnotthefinalamount ofthepaymentandnotthedynamics ofreducingorincreasingrents,butin thereadinessofanchortenantstosign leasingagreements.Thisisparticularly trueformajorcenters,whereinvestments oftenexceed100milliondollars.An anchortenantmeansmorethanrental incomeforadeveloper,itisaprimary waytoattractothertenantsandincrease consumertraffictotheshoppingcenter," saysAlexanderTishkov,nationaldirector, Russia&CIS,headoftheretailagency departmentatJonesLangLaSalle. 3 Anchors for the "Vegas" Shopping "Svetofor"opensin Lyubertsy TheSvetoforShoppingandEntertainmentCenteropened forbusinessinLyubertsy.Thenewcenterhasatotalarea of33,500sq.m.andislocatedintheheartofaresiden- tialquarteronPobratimovUlitsa.Someofthelargest tenantsintheshoppingandentertainmentcenterare: OstrovSupermarket,Sportmaster,SnezhnayaKoroleva, O'Stin,IledeBeaute,BeliyVeterTsifrovoy,CityObuv, Glenfield,Collin's,OGGI,AcademiyaDetstva,Eldorado,and Bukva. TheentertainmentpartishometotheSvetofor Cinema(amulti-plexcinemadevelopedbythecomplex inpartnershipwithDVIcinema),afoodcourt,a2000-sq. m.fitnesscenter(managedbytheFitnessHolding)anda children'sentertainmentcenter. TheSvetoforGroupofCompaniesisthedeveloperof theproject.Inchargeofconceptdevelopmentandleasing operationsisMagazinMagazinov,inassociationwithCB RichardEllis". TheconstructionoftheSECbeganinDecemberof2007 andthecenterwasfullyreadybyJanuaryofthisyear. Sincethereisashortageofmodernshoppingandenter- tainmentcentersinLyubertsy,thepremiseshavebeenleased atrelativelyhighrates–thisiswhat<strong>CRE</strong>wastoldbythePR departmentoftheproject'sconsultingcompany.Totalinvest- mentsintheproject-1.3-billionrubles. Firstphaseof"Topol" SECopens The"Topol"shoppingandentertainmentcomplexopenedits doorsforthefirsttimeinIvanovo.Thisannouncementwas madebytheRossGroup,whichisinchargeofimplementation andmanagementoftheSEC.The"Topol"SECisamultifunc- tionalcomplexandcombinesaretailshoppingareawitha foodcourtandanentertainmentsection. OnopeningdaytwooftheSEC'sanchortenantswere alreadyupandrunning-the"Riat"foodhypermarketand "M.video"householdappliancesandelectronics.Theretail sectionhasroomfor150shops,manyofwhicharealready occupiedbythelikesof:CoquetteRevueLingerie,"Butterfly" CosmeticsandPerfumes,"Tsifrograd"MobileElectronicsand Computers,Formoza,"Svyaznoy",andtheclothingstores "Tvoyo"andInstyle.OpeningsoonwillbetheNikol,"Nega", Serge,Fashion,Discount365,"Yevroset"andmanyothers. FinalcontractnegotiationsarebeingcarriedoutwithAdidas andReebok. Theentertainmentsectionislocatedonthethirdfloorof thecomplex.The"Trans-Force"entertainmentcenterwillbe thefirsttoofferitsserviceshere. ThecomplexshouldbeinfulloperationbyOctoberthis year.Thetotalareaofthefirstphaseis35,000squaremeters, withtheleasedportionbeing21,000squaremeters.The investoranddeveloperoftheprojectis"TT-Invest"LLC.The constructiontooktwoyearstocomplete(startedinJanuary 2007)and700millionrubleswereinvested.Theleasingrates areintherangeof500-3,700rubles/sq.m.permonth. InvestmentInactivity Theconsiderableinvestmentsanddebtfinancingfrom Westernmarketsforafewyearspriortothecrisiscreat- edprosporoustimesforboththeseller/developerand thecustomer.Today’spotentialforraisingfundsonthe opencapitalmarketshaspracticallydisappeared.Not oneRussiancompanyworkingontherealestatemarket succeededinraisingmoneythroughanIPOin2008, althoughmanyplannedtodoso(RosEvroDevelopment, LenSpecSMU,Don-Stroy,DVIHolding).Thisisdueto theprofoundchangestothestrategiesofmostinstitu- tionalinvestorswhichstartedtopulloutofdeveloping marketshavinglostconsiderablesumsfollowingan unprecedentedcrashonthestockexchangesandavir- tualcollapseofthestockquotesofdevelopmentcom- panies.Inthecurrentfinancial-economicconditions, investmentactivitywillremainverylowuntilmid-year. KnightFrank Leasingrates:backto 2007 Thedropinleasingratesforofficefacilitiescontinued inJanuary–especiallyforClassAspaceinprimeareas. RatesforMoscow'sbestofficesarepresentlythesame asinthesummerof2007.Thetotalfloorspaceleased inJanuaryrepresentedsome65,000sqm,comparable tofiguresof2007and2008(2007–79,000sqm,2008 –75,000sqm).ThedealsinJanuarywereforcom- pletedspaceinexistingfacilities.Nosinglepreliminary leasingagreementhasbeenobserved.Regardlessof thelargenumberoffinishedofficesavailableonthe market,77%ofallleasedspaceswereun-fitareasin newlycompletedbuildings.Despitethedifficulties withfundingweseeaconsiderablenumberofnew constructionprojects–especiallyintheClassBsector. ThenumberofvacantpremisesinJanuaryincreased considerablyandrepresentedonanaveragesome16%. Cushman&WakefieldStiles&Riabokobylko AsiaOvertakesEurope Accordingtoasurvey,OfficeSpaceAcrosstheWorld <strong>2009</strong>,conductedbyCushman&Wakefield,HongKong andTokyotopthelistofthemostexpensiveleasesfor officesintheworldwithLondoncominginthird.Class AofficespaceinHongKongcostasmuchas1,743 Eurospersqmayear.Moscowmovedfrom5thto4th positionwith1,276Eurospersqm.Thestudycompared officeleaseexpendituresin202businesscentersin57 countriesworldwide.In58%ofbusinesscenters,the ratingshowedanincreaseinrentalrates,26%stayed thesameand16%sawadrop.Only1%ofcitiessaw adropin2007.Leasingratesforqualityofficesgrew worldwideonaverageby3%,whichislowerthanin 2007by14%andisthelowestincreasesince2004. ElaineRossall,headofbusinessspaceconsultancy, C&W,said:“Mostmarketsin2008showedconstant growthwhichbegantofallattheendoftheyear.Nota singleregionwassparedbytheglobalfinancialcrisis." Cushman&WakefieldStiles&Riabokobylko COMPANY RESEARCH See other Company Researches Retail Opening
#06 (112) / 16–31.03.09 | Contents | News: | | Hot Topics | | Calendar | 13