The Retail Space has Increased by 2 Million Square Feet in Saint-Petersburg, Russia, Since the Beginning of 2012 but Demand is Still High.

Share Article

High demand for space in regional and local shopping malls has lead to increased competition among the retailers according to Vladimir Skigin co-owner of the Real Estate Management Company “Satellit Development”, LLC

skigin Vladimir, Vladimir Skigin, Russian, Real Estate, construction, satellit development

Demand for Retail Space to Remain Strong in Saint Petersburg, Russia

“High demand for space in regional and local shopping malls has lead to increased competition among the retailers." - commented Vladimir Skigin, a co-owner of the real estate management company “Satellit-Development”, LLC

Three new retail facilities went on line in the third quarter of 2012 in Saint Petersburg, Russia. “Mezhdunarodniy”, DLT store, and shopping gallery “Electra” accounted for 400K square feet, which as much as was added during entire last year.

Before the year-end 1 million more square feet of retail space will be added according to Satellit Development. “Bukharetskiy” in the Frunzinskiy district and “Avenue” in the Vyborgskiy district will account for most of this additional space. As the result the number of lease deals with the tenant anchors at shopping malls has increased significantly in the third quarter.

Vladimir Skigin, a co-owner of the managing company “Satellit-Development”, LLC commented on the retail real estate market trends: “High demand for space in regional and local shopping malls has lead to increased competition among the retailers. This led to the trend of breaching the contracts with the smaller renters in favor of anchor tenants. Only strong tenant that can act quickly and able to make financial commitments early on will be able to survive in this environment.”

Management Company "Satellite Development" LLC was established in 2008 and its main activities include: integrated land development, sale of land, development and design of residential and commercial projects, consulting and brokerage services.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Dmitry Savelyev
Follow us on