Rental rates for quality warehouse facilities in St. Petersburg remain unaffected by the global credit crunch, according to recent market research conducted by Colliers International, the international real estate consultancy. The triple net rental rates for Class A and B facilities in Russia’s second city are estimated at approximately $120–$140 per square meter per year and $110–$120 per square meter per year, respectively.
In the first half of 2008, more than 480,000 square meters of high-quality warehouse facilities were in operation, giving an increase to the total area of 27 percent or about 142,000 square meters (including logistics complexes and commercial warehouses, and excluding private facilities and freezers). In the second half of 2008, more than 600,000 square meters of new facilities are due to open, all of which have been announced as A grade.
