Russian warehouse sales boom as prices plunge

PNK Chekhov Logistics Park

PNK Chekhov Logistics Park outside Moscow

Russian warehouse sales grew tenfold in the first eight months of the year due to a combination of falling prices and increasing demand from discount retailers looking to develop their businesses during the current economic crisis, according to a report from CBRE this week. While the the boom largely reflects the BIN Group’s purchase of the PNK-Chekhov industrial park outside of Moscow, retailers have been taking advantage of historically low prices; the average price of warehouse property currently stands at between $590 and $660 per m².