According to Knight Frank, in Moscow City, the main office cluster of the capital, of 61 thousand sq. m of street retail space is empty 20.4 thousand square meters. m, or a third. "Due to the fact that 80% of retail trade and services in the business center were focused on office employees, the transition to a remote work format due to quarantine restrictions caused the closure of 77 retail outlets, of which 38 were catering outlets," they state at Knight Frank.
But rental rates in street retail in Moscow City fell by only 9% over the year (the range of rental rates is very wide - 40-100 thousand per 1 sq. M per year). Operators in street retail still cannot come to terms with the new realities of the market.