In 2020, three shopping centres with the total leasable area of 127,000 sq m were opened in St. Petersburg.
2020 was undoubtedly a challenge for the retail real estate segment in St. Petersburg. In addition to the general decrease in consumer activity amid the economic instability, restrictions imposed by the city administration also played a significant role in the operation of shopping centres as a significant number of tenants closed from March 28 to July 27.
In general, 2020 was characterised by active negotiations between tenants and landlords: the desire to keep main tenants by offering various supportive measures (discounts for the period of closing the shopping centre, deferred lease payments, etc.) was reflected in vacancy rate: the growth of vacant space in high-quality shopping centres in St. Petersburg turned out to be lower than predicted - up to 2.4% in the highest quality shopping centres and up to 5.1% on average in the market.