CORE.XP: regional warehouse construction in Russia fell by 1.4 million sq m in the first nine months of 2026

According to CORE.XP data, 1.712 million sq m of quality warehouse real estate was completed in Russian regions in January–September 2026. In the same period of 2025, the figure was 3.148 million sq m, so new construction volume fell by 46%, or about 1.4 million sq m.

Quarterly completions declined through the period: 779,000 sq m in Q1 2026, 580,000 sq m in Q2 and 353,000 sq m in Q3. After record completions in 2025, when construction reached 4.233 million sq m, the regional segment moved to more moderate growth; in 2024, 2.467 million sq m was built.

The share of speculative facilities intended for subsequent lease or open-market sale was 30% in the first nine months of 2026, up 12 percentage points from the same period a year earlier. Eight key regional markets accounted for 48% of total new construction; St. Petersburg led with 20%, followed by Novosibirsk (7%), Samara (6%), Rostov-on-Don and Yekaterinburg (5% each), Krasnodar (4%) and Kazan (2%).

CORE.XP forecasts that about another 1.1 million sq m could be completed in Q4 2026, bringing the full-year new construction volume to 2.8 million sq m, 34% below the 2025 level.