Data regarding commercial real estate construction in Eastern Europe showcases the three top players in the third quarter of 2013. Moscow leads, followed by Kiev, who has just made it in this top 3, and Sofia, according to a recent report by Colliers. The real estate giant has analyzed data for 13 cities in the area and their retail market and summed up commercial real estate completed in Q3 to determine the leaders: Moscow, St. Petersburg, Warsaw, Budapest, Prague, Kiev, Bucharest, Bratislava, Zagreb, Sofia, Belgrade, Tirana and Athens.
Moscow is the leader with over 1 million square meters built, the runner up having only a third of that to account for – 354,000 square meters built in Kiev. Sofia, ranked third, had 207,000 square meters of commercial real estate added in the third quarter of 2012.
The Colliers press release also revealed that the total supply of high-quality retail space in Eastern Europe reached 15.41 million square meters at the end of this year’s third quarter. The region’s total supply almost tripled in the past three years. Yet the space being actively built in retail centers fell by 255,750 square meters in Q3, 2012 from last quarter’s results. Across the analyzed 13 cieties, retail space in the active phase of construction as of two million square meters of leasing space.
When ranked by retail space provision per 1,000 residents, Zagreb came first in Q3 with 1,710 square meters, followed by Bratislava (1,063 square meters) and Sofia (915 square meters). On the opposite side of this top were Athens (64 square meters), Belgrade (148 square meters), Moscow and Kiev both coming in last with the same number – 258 square meters.