Page 75 - July 2021

he Commonwealth of Independent States is a regional intergovernmental organisation of nine (originally ten)
members, plus two founding non-members, post-Soviet republics in Eurasia. It covers an area of 7,864,422
square miles and has an estimated population of 239,796,010.
T As for Russia, the country where the origins of the CIS countries began, is a country that spans Eastern
Europe and Northern Asia, is the most populous country in Europe and its capital, Moscow, is the largest city in Europe.
According to the ‘Influence of Macroeconomic Trends on the Commercial Real Estate Investment Market in Russia,
Q1 2021 Results’ report by CBRE, the Russian economy will recover to the level of 2019 no earlier than 2020. GDP
growth forecaster for 2021 were in the range of 2.5-3.8 per cent and 2.6-3.8 per cent for 2022 and that there is a positive
outlook heading into next year.
In terms of the retail market in Russia, Moscow of course remains the key location, and in the first three months of
2021, the retail real estate market in the Moscow region was replenished with two shopping centres - Gravitacia with
a GLA of 18,500 sq m and Solis with a GLA of 11,000 sq m, highlights Colliers’ report ‘Retail Market: Russia, Moscow,
Q1 2021’.

Grozny Mall, Grozny, Russia
Developer, Smart Building
RETAIL & LEISURE INTERNATIONAL JULy 2021