Company News

18 july 2011

Over the First Half of 2011 ASTERA Rented Over 47?000 Square Meters of Commercial Space

According to the results of the first half of 2011, ASTERA, an alliance member of BNP Paribas Real Estate, reached the unexampled level, having realized 47’300 sq.m of commercial real estate in St. Petersburg. In retail sector over 21’000 sq.m of space were rented, 10’200 sq.m out of this value are premises of St. Petersburg shopping complexes. Thus, in the first 6 month of 2011 ASTERA has already exceeded the final indicator value of 2010. The results of the first half of the year in office sector have overtopped the level of the same period of 2010 by 50% and have made 9’700 square meters. In warehouse sector 16’500 sq.m of space have been rented.

In the first half of 2011 ASTERA consultants have closed over 100 transactions, including transactions with a number of major federal and international brands, such as Subway, KillFish, Coffeeshop Company, LUSH, Centro, Tvoe, Metrika. With the assistance of ASTERA a Finnish chain of fast-dining restaurants Hesburg has entered the market of St. Petersburg, the first warehouse of self-storage format of RED BOX CO has been opened in the North-Western region, and the American chain Cinnabon has opened its first café-bakery in format of street-retail.

Experts at ASTERA, an alliance member of BNP Paribas Real Estate, note increase in number of applications and transactions in all sectors of commercial real estate in Q2 2011.

Lyudmila Reva, the Director of Business Development at ASTERA, an alliance member of BNP Paribas Real Estate, expert of Guild of managers and Developers:
“Demand for retail space keeps growing, being shifted to dormitory districts. The share of transactions in dormitory districts has grown from 28% of the total number of transactions in street-retail format in Q1 2011 to 36% in Q2 2011. It is caused by the low vacancy rate in the city centre, lower rental rates in dormitory districts and availability of demand from the population of dormitory districts, who do not wish to shop in the city centre due to time-saving reasons. At the end of the quarter 80% of retail space, which appeared on the market at the beginning of the year due to gambling operators having exited the market, was occupied. Share of transactions for these premises has grown in the total volume of transactions from 3% in Q1 2011 to 25% in Q2 2011”.

By estimate of ASTERA experts, retail property sector has been developing in the most active way during the recent years, that is why the company has become a partner of discussion “Retail real estate in Russia: ideas, trends, perspectives” announced within the framework of the business program of the Fifth International Investment Forum PROEstate. Lyudmila Reva, the Director of Business Development at ASTERA, will appear as the chief moderator of the discussion, where the company experts will present the assessment of the situation on the market, forecast of the situation development in 2011 and 2012, as well as will participate in discussion of issues of rental policy, mechanisms of shopping complexes yield increase and other actual issues.
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