Moscow high street retail vacancy fell to 6.6% in Q4 2019, a decline of -1.1 p. p.compared to Q2 2019. The vacancy rate now stands at its lowest level in five years. Strong demand from restaurants and cafes saw vacant units being filled in popular dining areas including Patriarshie Prudi, Pyatnitskaya Street, Myasnitskaya Street and B. Dmitrovka Street.
The Garden Ring also reported lower vacancy as landlords offered lower rents to secure tenants or vacant premises, some of which have been left empty for more than a year.