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In the 1st quarter 2007, the warehouse market continued to demonstrate rapid development. In spite of the considerable and still growing interest of international investment funds and large developers in the construction of warehouse projects in regions, the warehouse market of the Moscow region is maintaining high investment attractiveness. This has been characterized by the appearance of new projects being constructed by well known developers as well as by the entry into the market of new participants. Among them, a Turkish developer EGL Holdings, in cooperation with the British Fund Raven Russia, is constructing a class A logistics complex near Sheremetyevo airport. Shares in this complex will be sold to the British fund Raven Russia. The growth of high quality warehouse spaces in the first quarter of 2007 amounted to 30,000 sq.m. The tendency to postpone delivery dates of announced projects is continuing.
Vacancy
Class A - 1%
Class B - approximately 3%
Rental rates ($/sq. m./p. a.) (Excluding VAT, including operational costs)
Class À - 140–160
Class  - 110–130
Operational costs ($/sq. m./p. a.)
Class À - 25–35
Class  - 10–20
The maximum volume of warehouse premises entering the market in the 3rd and 4th quarters is connected with the completion of construction of the first phases of several large projects such as Severnoe Domodedovo, Logopark Domodedovo, Giffels South Gate and MLP Podolsk. In the 1st quarter, an increase in the rates of operational costs of some properties (both class A and B) was noted.
Most significant properties put into operation in the 1Q of 2007
| Property | Class | Total area, sq. m. | Warehouse area, sq. m. | Location | | Tomilino TLC | A | 20 500 | 17 370 | Novoryazanskoe Highway (6 km. from the MKAD) | | Kupavna Logistics Centre | A | 9 500 | 9 000 | Gorkovskoe Highway (21 km from the MKAD). Staraya Kupavna Town, 3, Dorozhnaya St. |
Most significant properties scheduled for delivery in the 2Q of 2007
| Property | Class | Total area, sq. m. | Warehouse area, sq. m. | Location | | Springs Park, phase 2 | A | 14 000 | 14 000 | Egorevskoe Highway, 15 km from the MKAD |
New projects announced for construction in the 1Q 2007
| Property | Location | Developer | Total area (sq.m) | Delivery date | | Industrial Park in the Sergievo–Posadsky District | The Moscow region, the Sergievo–Posadsky District | An open contest will be held for construction of the project | 415 000 (warehouse premises) | 2011 | | Ramenskoe Logistics Terminal | Novoryazanskoe Highway, 31km from the MKAD, Ramenskoe Town | n/a | 140 000 | 1Q 2009 | | Logistics Complex located nearby Sheremetyevo Airport | Leningradskoe Highway, 14 km from the MKAD | Raven Russia in cooperation with EGL Holdings | 55 000 | n/a |
Largest lease transactions in the 1Q 2007
| Property | Tenant | Area (sq.m) | | Tomilino TLC | Tablogix | 15 500 | | Pushkino Logistics Park | Art Style Mart–Moebel Russland | 12 500 | | Pushkino Logistics Park | Ashan | 10 000 | | Krekshino | Intertorg | 6 500 | | Pushkino Logistics Park | Hilti Distribution | 6 000 | | Tomilino TLC | Interkhemal | 4 500 |
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