Dynamics of commercial real estate market segments in the post-pandemic period

Abstract

Research background: Commercial real estate segments have reacted differently to the effects of the coronavirus pandemic, announced early last year. Thus, the greatest interest is represented by commercial, service and warehouse real estate. The retail segment seriously felt the restrictions in the work of retail and service enterprises from March to July 2020 – due to the rotation of operators, the departure of many players from the market, the vacancy rate of space increased, the average rental rate decreased due to the revision of lease agreements. Warehouse real estate, on the contrary, has received incentives for development due to a twofold increase in online trade in Russia – the vacancy rate in the most high-quality areas tends to 0-2%, the average rental rate is growing rapidly. Purpose of the article: to analyze the commercial real estate market in the context of retail and warehouse real estate in the regions of Russia and St. Petersburg, to develop mechanisms to increase their competitiveness in the postcovid period. Methods: description, comparison, analogy, generalization and correlation and regression analysis. Findings & Value added: there is a high dependence of the current state of retail and warehouse real estate on the growing volumes of online trade, which causes certain trends: the growth of the shortage of warehouse space and the increase in the vacancy rate of retail space-mechanisms have been developed to increase the competitiveness of commercial real estate operators in St. Petersburg and the regions

Keywords

• warehouse real estate market
• retail real estate market
• competitiveness
• postcovid period