In Q3 2018 total warehouse stock in the Moscow region reached 14,452 sq m. Completions volume was 291,000 sq m, which is 25 p.p. lower than for 3Q 2017. Total demand remained at a stably high level (776,000 sq m). Vacancy has reached the lowest level since 2013 (6,4%). Rental rates in the Moscow region continued to grow and reached 3,700 RUB/sq m/year excluding VAT and OPEX.