Real estate (St. Petersburg market)

Real Estate Market Segments

• Office real estate (St. Petersburg market)

Chronicle

2024

Sales of commercial real estate in St. Petersburg increased by 21% and reached a record 95.4 billion rubles

At the end of 2024, sales of commercial real estate in St. Petersburg reached 95.4 billion rubles, which is a record result. The growth in relation to 2023, when the market volume was estimated at 78.7 billion rubles, amounted to about 21%. Such data are given in a study by the consulting company Nikoliers, the results of which were published on February 12, 2025.

Almost a third (32%) of all investments, or 30.1 billion rubles, were provided by the hotel sector: in absolute terms, this is the maximum indicator of the segment in the entire history of the market. The largest deal in this sector was the sale of the Four Seasons Lion Palace luxury hotel with an area of ​ ​ 24.3 thousand square meters.

In second place in terms of sales is office real estate: in 2024, such objects brought about 23.5 billion rubles. Next comes warehouse real estate with 18.5 billion rubles. Retail facilities accounted for another 13.3 billion rubles. Sales of multifunctional complexes in St. Petersburg for the year provided 10 billion rubles.

The leader in the structure of buyers was the corporate sector with a share of 42% of total investments. In addition, real estate management funds with an indicator of 35% and developers with 13% became active buyers in St. Petersburg. Next come banks and investment funds, whose share is estimated at 4%. Private investors accounted for 2% of investments. The total contribution of all other categories at the end of 2024 amounted to about 4%.

Record investment volumes in 2023-2024 were formed by transactions with end users and the exit of foreign owners from Russian assets. In 2025, we expect a slowdown in investment activity and stabilization of the volume of transactions, "says Denis Platov, head of the capital markets department at Nikoliers.[1]

Growth in investment in all types of real estate by 15% to ₽170 billion

Investment in real estate in St. Petersburg in 2024 increased by 15% and reached ₽170 billion, while the share of foreign investors decreased by three times to ₽19 billion. Such data analysts IBC Real Estate led in mid-January 2025.

More than half of the investment - 60% or ₽103 billion - was in residential real estate, two-thirds higher than in 2023. In 2024, about 700 hectares of construction plots were implemented against 181 hectares in 2023.

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Фото: Unsplash

Warehouse and hotel real estate shared the second place in the investment structure, receiving 12% of investments each with a volume of ₽20 billion. The largest transaction in the warehouse segment was the purchase of the OZON Burga complex by Modern Real Estate Funds.

Two major transactions were concluded in the hotel sector: the acquisition by Gazprom of a hotel project on the Marine Field and the purchase of Four Seasons Lion Palace St. Petersburg by KSP Capital.

Office real estate ranked third with a share of 9% and an investment of ₽16 billion. More than half of the transactions in this segment were transactions for the sale of assets by foreign owners, including the sale of the Space business center by JetBrains.

Mixed-use facilities and multifunctional complexes accounted for 6% of investments or ₽11 billion. The IFC Airport City was sold to the Austrian company Warimpex and Renaissance Forum to the Turkish company Renaissance Development.

Sergey Vladimirov, head of the IBC Real Estate branch in St. Petersburg, notes that in 2025 it is expected to reduce investment activity and reduce investment to ₽90-100 billion due to the uncertainty of the business environment.

In the retail real estate segment, which was leading in the structure of investments in commercial real estate in 2023, not a single transaction was concluded in 2024.

Setl Group, Etalon, Brusnika and Glorax actively increased their real estate portfolios during 2024, which contributed to the growth of the total investment.^[2]

The rating of the most expensive buildings in St. Petersburg is presented. Their total value is 16 trillion rubles

At the end of July 2024, a rating of the most expensive buildings in St. Petersburg was presented, the total cadastral value of which is ₽16 trillion. The list includes both historical architectural monuments and modern commercial objects, whose cost exceeds ₽5 billion. There are about 70 such buildings in the city, and all of them were in the spotlight thanks to their impressive estimates.

According to Фонтанка.ру, the most expensive building in St. Petersburg was the Lakhta Center - its cadastral value is ₽202 billion. In addition, this object is the largest in terms of area in the rating, occupying 404 thousand meters of ². By a wide margin from other participants in the list are two structures of the Complex of Protective Structures of St. Petersburg: a ship passage structure and one of its sites, estimated at ₽82 billion and ₽50 billion, respectively. Closes the top three stylobat "Lakhta Center" with an area of ​ ​ 180 thousand meters ² with a cadastral value of ₽46 billion.

In addition to modern objects, the rating also includes historical buildings. One of the most expensive among them was the Winter Palace - its cadastral value is ₽25,6 billion with an area of ​ ​ 56 thousand m ². This makes it the most valuable among the city's historical monuments. Other historic buildings, such as the Tauride Palace and the Engineering Castle, were also included in this list, but their cost does not exceed ₽5 billion.

Among commercial facilities, shopping centers occupy a special place. So, the list includes "Gallery," "Peterland," "Nevsky Center," "Europolis," "Grand Canyon" and others. The category of office buildings included the Nevskaya Town Hall, the St. Petersburg Bank office and the adjacent St. Petersburg Plaza business center, as well as the Leader Tower on Constitution Square.

Expensive public spaces include both terminals of Pulkovo Airport, the building of the Russian National Library on Moskovsky Prospekt and the new stadiums Gazprom Arena and SKA Arena^[3]

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