St Petersburg warehouse deals reach 353,000 sq m in nine months of 2026, above full-year 2024 and 2025

Warehouse transactions involving class A and B space in St Petersburg and the Leningrad Region totalled 353,000 sq m over the first nine months of 2026. The result exceeded the full-year totals of each of the two previous years, according to NF GROUP. The third quarter alone accounted for 294,000 sq m, including a large 100,000 sq m build-to-suit warehouse project for subsequent lease to a federal retailer.

NF GROUP analysts forecast that total transactions for the full year 2026 will reach 400,000–450,000 sq m. In the nine-month demand structure, online retail companies accounted for 40%, 27 percentage points higher than in 2025; retail trade representatives accounted for 30%, and transport and logistics for 15%.

Vacancy stood at 3.1% including subleases and 2.9% excluding subleases at the end of the third quarter of 2026, down 2 percentage points over the quarter. It is expected to rise to 3.6% by the end of 2026 as new warehouse space comes to market. The average weighted rent for ready class A space was 10,200 roubles per sq m per year, excluding VAT and operating expenses, down 2% over the quarter; the figure is expected to reach 10,000 roubles by the end of the year.

Ilya Knyazev, director of the industrial and warehouse real estate department at NF GROUP in St Petersburg, said occupier and buyer activity persists, but demand remains uneven and individual large deals have a significant effect on overall figures. In his assessment, it is premature to speak of a sustained recovery in demand.