Warehouse Space at a Premium in Moscow

Demand for warehouse space in Moscow is breaking records as the increasing number of malls and chain stores ups the need for high-tech storage, shipping and product assembly facilities.  By the end of this quarter, about 500,000 square meters of high-quality warehouse space will be leased or sold in the Moscow region, the most for any Russian region. With the warehouse vacancy rate hovering at just 2 percent since the end of last year, "we're selling and leasing space that hasn't even been built yet," said Lance Pilant, director of industrial and logistics agency services for CBRE. This is the first year that he has brokered sales and rentals of yet-to-be-completed warehouse space, he said by telephone. Pilant estimated that more than 800,000 square meters of additional space could be opened in the next 12 months with five major warehouses under construction in Moscow's northern suburbs, including a 228,000 square meter site owned by Belgian developer, Ghelamco Group, and two multi-million dollar projects sponsored by PNK Group.

http://www.themoscowtimes.com/business/article/warehouse-space-selling-out-before-its-built/468665.html