Construction companies in Russia have pursued the development of commercial real estate with great intensity in the last two years, and the country is now considered to be among the world leaders when it comes to the construction of shopping complexes. Last year, Russia took around 25 percent of shopping center development in Europe, with more than 1.3 million square meters, or 14 million square feet, of commercial real estate built.

In effect, Russia significantly outpaces all other European markets. After Russia, the next country with the largest area of commercial real estate commissioned last year was Turkey, where 360 thousand square meters, or 3.9 million square feet, entered into service.     

Taken together, Russia and Turkey will account for more than 40 percent of shopping center development in Europe during 2011 and 2012. Russia’s target for the two-year period is 3 million square meters, or 32 million square feet. Last year alone, two significant commercial real estate projects were finalized in Russia, namely Vegas in Moscow and Galleria in St. Petersburg. The remainder of this year will see the revival of many commercial real estate projects that were either commenced before the economic downturn or delayed because of the recession.