In Moscow, the demand for empty premises on the first floors of new buildings has increased. They are almost equal in price to commercial real estate ready for rent. This is data from a study by SimpleEstate. According to analysts, unfurnished business premises in residential buildings have risen in price by more than 7% over the year. Now the average price is about 440 thousand rubles. per square meter, this is the highest figure in the last year and a half. And the cost of commercial real estate, where there are already tenants, has decreased. The average price is 454 thousand rubles. per square.
This is an extremely unusual situation for Moscow, but it has developed for understandable reasons, notes Artem Tsogoev, a member of the board of directors of the SimpleEstate investment platform: “In recent years, the market has seen quite a large investor demand for such premises. There was a certain washout of good offers from the market, and at the same time a fairly large number of lots in new buildings on the first floors entered the market.
Developers, seeing the demand, in their own manner raised prices, including for empty premises, which they sell on the first floors of their residential buildings. This is a temporary story. I think that in the coming year this imbalance will be eliminated by the market, because it looks quite strange.
For investors themselves, premises are of interest only if there is a tenant there who pays for them and, so to speak, ensures recoupment. And an empty room is a kind of semi-finished product.”
The demand for empty commercial premises in new buildings is indeed high, Sergei Konyukhov, commercial director of RKS Development, confirms the trend. At the same time, according to him, the profile of tenants who are primarily interested in them has been changing recently, and these areas themselves are decreasing in size: “On the first floors of residential complexes, gyms for your own began to appear, where you, as the owner, have no problems You can come and work out, for example, with a private trainer. These are small studios up to 120 sq. m.
The second point: those same coworking spaces appeared on the first floors. It’s very comfortable when you can go down from your apartment and hold meetings in the office. Historically there have always been, are and will be services for parents. The market considered this, and we see active demand for small commercial premises in which the owners want to create a private kindergarten or children’s room.
However, previously such commercial real estate was, as a rule, 100-150 sq. m. m, options were also offered for 300 sq. m. Today, these areas are usually small in size. 300 sq. m. is found only in large residential complexes.”
Investments in commercial premises in new buildings can bring a stable income, noted the owner of the Take&Wak coffee shop chain, Alexey Petropolsky. However, purchasing them for further resale, in his opinion, is risky: “A pleasant bonus is that non-residential premises do not need any repairs at all; the tenant who moves in, as a rule, does it for himself.
And, of course, it is easier to rent out such lots, and lease agreements are concluded for a longer period. When a tenant moves into non-residential premises, he occupies it for at least two to three years. And if we talk about serious network companies, then this is from five to ten years. The yield on such areas starts from 12% per annum.
If we talk about investments in housing under construction, then everything depends on the stage at which the project is. If you invest at the foundation pit stage, then you can earn up to 30% for the sale of such property. The only question here is the timing of the delivery of the object. Previously, they were strictly documented, now the delivery period for such houses has moved from three years to five years, and the interest rate – the same 30% markup that you could earn – has not changed in any way. And therefore, of course, there is absolutely no benefit in purchasing non-residential premises for further resale.”
Commercial premises on the ground floors, as experts note, are also becoming more expensive due to the general increase in prices for residential real estate. Thus, according to the Best-Novostroy company, in 2023 the cost of comfort-class apartments on the primary market in Moscow increased by 23%.
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