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SUPPLY
The market for high-quality warehouse facilities continues to grow. In total, more than 80 000 sq.m of international standard warehouses were scheduled to have been put in operation in the first half of 2007, however, it should be noted that the opening of two large warehouses has been postponed. Date of commission has been changed for PNK project, Shushary (40 200 sq.m) and Terminal Staraya Derevnya, 12, Mebelnaja St. (20 000sq.m)
Thus, the area of high class warehouse facilities increased by 6% for this period, totalling approximately 320 000 sq. m. (including logistics centres and speculative warehouses and excluding warehouse used for own needs and refrigerated/freezer warehouses).
Table 1. Certain Class A and B Warehouses Put in Operation in Second Half of 2007
| № | Name | Address | Class | Investor/Developer | Total Area to be Put in Operation, sq. m |
| 1 | Sterkh | Intersection of Vyborgskoe Highway, Gorskoe Highway and Ring Road | А | Sterkh Corporation | 5 000
(1st phase) |
| 2 | Ruslan | Intersection of Moscow Highway and Ring Road | В | Ruslan | 14 800 |
| Total | | | | | 19 800 |
Source: Colliers International
In the second half of 2007, class A and B dry warehouses with a total area of more than 350 000 sq. m. are to be put in operation. Most warehouses under construction will be erected in the area of Shushary.
Table 2. High-Quality Warehouses under Construction in St. Petersburg Scheduled to be Opened in Second Half of 2007
| № | Name | Address | Class | Investor/Developer | Total Area to be Put in Operation, sq. m |
| 1 | MLP-Utkina Zavod' | Utkina Zavod' | А | MLP | 72 000
(1st building)
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| 2 | Neva Logopark | Shushary | A | Avalon Logistics | 65 000
(1st building)
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| 3 | Interterminal Predportovy | 1 Predportovaya Ul. | А | Big City and Green Mark | 57 460 |
| 4 | Obukhovo Warehouse | Obukhovskoy Oborony | A | Theorema | 53 756
(1st and 2nd buildings)
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| 5 | PNK | Shushary | А | PNK | 40 260 |
| 6 | PAN | Shushary, intersection of Mira Ul. And Lenina Ul. | A | Unipack | 17 500 |
| 7 | Admiral | Gorelovo, Krasnoye Selo, 48a Svobody Ul. | А | Admiral | 8 000 |
| 8 | Terminal Staraya Derevnya | Мебельная ул, 12 | В | Terminal Staraya Derevnya | 20 000 |
| 9 | Yuzhny | Shushary, Mira Ul. | В | Sovavto | 10 000 |
| 10 | Okhta Terminal | 22 Energetikov Pr. | В | Megalologistic | 6 000 |
| Total | | | | | 349 976 |
Source: Colliers International
DEMAND
A growing demand for high-quality warehouse facilities is primarily conditioned by the emergence in the St. Petersburg market of foreign trade companies and logistics operators, GDP growth and an increase of traffic flow through St. Petersburg. Spaces from 500 sq. m. to 20 000 sq. m. remain in demand. High-quality warehouse spaces from 3 000 sq. m. are also popular, enjoying demand mostly on the part of logistics operators. Location in the southern part of the city and immediate proximity to the Moscow Highway are very attractive when it comes to arranging a warehouse. The main factor for selecting a potential warehouse location is its proximity to the Ring Road.
RENTAL RATES
During the first half of the 2007 rental rates did not change. Rents for class A warehouses range from $115 to $125 per sq. m., rents for class B warehouses range from $110 to $120 per sq. m. per year (net of VAT and OPEX).
In class A warehouses, safe custody fees range from $0.4 to $0.5 per pallet per day, in class B warehouses - from $0.34 to $0.42 per pallet per day, excluding handling costs and VAT.
SIGNIFICANT EVENTS
- The Finnish company Sponda has agreed to acquire a 46 ha land plot for EUR 9.5 million ($12.9 million) in the suburbs of St. Petersburg to construct a logistics centre with a total area of 160 000 sq. m.
- Hanner (Lithuania) intends to invest $100 million in the construction of a logistics centre in Shushary. The centre will have an area of 106 000 sq. m. and will be erected by end-2008. A 20 ha land plot has been acquired for its construction.
- Raven Russia Ltd. and Avalon Group have started the construction of the second building of the class A logistics park with a total area of 142 500 sq. m.
- At the beginning of June, Eurasia Logistics laid foundation of the logistics centre Kolpino in the south of the city. The expected area of this class A logistics centre will reach 790 000 sq. m. by 2010.
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