The average rent for shopping center real estate in Moscow remained constant over the given period for both listed categories. Namely, a mean rent of prime shopping centers was set at an annual *** thousand Russian rubles per square meter, which was over ******* higher than the rental rates of average quality shopping centers in the city.

 Major real estate developers in Russia

In 2020, PIK Group, which specializes in a premium residential and commercial real estate construction mainly in Moscow and Moscow region, was the leading real estate developer in the country, by the area under development. The second major market payer was the Saint Petersburg based LSR Group, with an estimated revenue of *** million Russian rubles, and ** thousand employed personnel, as of December 2019.

The coronavirus (COVID-19) impact on the market

The coronavirus outbreak at the beginning of 2020 in Russia, lead to real estate demand growth, as a result of which rise in prices of the secondary residential properties was observed in major cities countrywide. The pandemic had its negative effect on commercial real estate as well, given the social distancing requirements imposed by the government. In Moscow, the shopping mall traffic was reported a historic low in April of 2020.

The capitalization rates of premium office real estate in Russia was largely below 10 percent over the observed period. In 2021, the figures were set at 9.5 percent, remaining stable compared to the two previous years.