PL

Kyiv malls postponed as vacancy rises

Retail & leisure
UKRAINE In the first quarter of the year, no modern shopping space was completed on the Kyiv market – and none of the projected new stock of 361,200 sqm in 2015 could now be opened this year, according to JLL’s latest Kyiv retail market report.
In Q1 one project, MFC Retrovill, was postponed until 2016. “The rate for attracting tenants to shopping centres is currently insufficient to open a project with an acceptable occupancy level,” states the report. In Q1 the vacancy rate in Kyiv’s shopping centres rose to 9.2 pct – up from 8 pct in Q4 2014 and from 6.2 pct in Q1 2014. However, vacancy is still below the levels in Lisbon, Berlin (10 pct) and Athens (20 pct). The consultancy also suggests that a way out of this problem for some projects could lie in phasing them, that is, opening only the first phase, such as the hypermarket or cash-front area with a part of a mall, while waiting for more favourable conditions for the rest of the project to go ahead. JLL’s experts predict that the high vacancy level could be temporary, as some anchor tenants have announced openings of stores in the second quarter of this year. In Q1 2015 the total retail stock in Kyiv amounted to 272 sqm per 1,000 inhabitants (784,600 sqm in total).

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