Russian warehouse sales boom as prices plunge

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.