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Business Parks 2 3 BUSINESS PARKS 2 3 BUSINESS PARK KEY FEATURES • Located on the main highways away from the city centre • Business parks’ territory is on an average 10-20 ha, built-up density is 11,000 sq m per ha • Single concept • Complex of several buildings • Low-rise buildings • Efficient floor plates, rectangular-shaped floors, low loss factor • Generally surface parking • Parking area and developed infrastructure inside the complex • Developed transport infrastructure, often railway stations and organised shuttle buses from the nearest metro station • Close to airports Although the first successful project was developed 10 years ago, conventional business parks are still uncommon in the Moscow office market. As a number of business parks are now at the construction stage, this report will not only focus on typical business parks, but will also provide examples of major projects outside the MKAD. December 2014 ©2014. CB Richard Ellis, LLC. All rights reserved 4 5 City West source: citywest.cz O2 Telefónica Midfield Expo Gardens source: segro.com source: berlin-airport.de City West Dubai Media City source: citywest.cz source: tecom.ae Business park, City centre, Airport, Transport Аirport city distance (km) distance (km) at a walking distance Chiswick Park, London 13.6 17.2 Heathrow metro BB Centrum, Prague 6.2 18.4 Václav Havel Airport metro Business Garden Warsawa source: businessgarden.pl The Park, Prague 10.4 22.9 Václav Havel Airport metro City West, Prague 11.4 10.6 Václav Havel Airport metro Business Garden Warsawa Empark, Warsaw 8.8 3.9 Warsaw Chopin Airport train, shuttle bus source: businessgarden.pl Business Garden, 8 2.9 Warsaw Chopin Airport train, bus Warsaw Business parks in Europe first Geographically business parks are train, tramway, appeared in Great Britain to the located away from the city centre, The Park, Warsaw 6 4 Warsaw Chopin Airport west of London in the mid-80s. The along main highways, and usually bus first tenants of business parks were close to airports. One of the key Poleczki Business Park, fast-developing IT companies. It is factors in choosing a location for 12.4 3.7 Warsaw Chopin Airport shuttle bus worth mentioning that historically a business park is easy transport Warsaw these companies were located at accessibility (generally, there a certain distance from London. are metro and railway stations Okecie Business Park, 9.8 2.7 Warsaw Chopin Airport shuttle bus Moreover these were mainly in proximity to business parks, Warsaw American companies and were otherwise there are regular shuttle Sirius Business Park therefore accustomed to the buses running from the nearest Berlin-Gartenfeld, business park concept. In the US the metro stations). It should be noted 11.6 3 Flughafen Berlin-Tegel bus Berlin rise of business parks was noted in that, in Europe, areas of potential the 60s. business park development were Sirius Business Park Eastern Europe could not stand already surrounded by developed Berlin-Borsigwerke, 12 6 Flughafen Berlin-Tegel metro on the sidelines. In the late 1990s transport infrastructure. Berlin business parks were actively built in SEGRO Park 27 3 Flughafen Schönefeld train, bus Poland and the Czech Republic. Berlin-Airport, Berlin ©2014. CB Richard Ellis, LLC. All rights reserved 6 7 • Chiswick BP is one of the first business parks in Great Britain and Europe • Chiswick BP still remains a perfect example of a traditional business park • Chiswick BP is a business park with the highest value. In 2013 it was acquired by China Investment Corporation for more than $1 billion source: enjoy-work.com CHISWICK BUSINESS PARK source: enjoy-work.com Total area: 167,000 sq m LOCATION: located less than a kilometer away from the traffic Office area: 155,000 sq m roundabout to the M4, A4 and the North/South circulars. Heathrow is 17 kilometers away. Chiswick BP borders with the Local Nature Reserve Stage construction: Gunnersbury Triangle first building was put into operation in 2001, the completion of the last MAJOR TENANTS: PepsiCo Inc., Discovery Communication, QVC, Tullow building is planned for 2015. Oil Plc, Regus, Aker Engineering, Walt Disney Co., Starbucks, Swarovski INFRASTRUCTURE: restaurants, cafes, bars and shops, health and fitness club, beautician and hairdressers, two dance studios, dedicated cycle and pedestrian routes, feature lake, waterfall and boardwalk ©2014. CB Richard Ellis, LLC. All rights reserved 8 9 On the basis of an analysis of the main business parks in European cities, a number of common features can be identified: • rental rates in business parks are 50–75% lower than in office centres situated in the city centre • office space in business parks represents 15–20% of the total office stock in the market • on average the vacancy rate is 10% • typical tenants are pharmaceutical, IT and telecommunications and 2003 source: CBRE 2014 source: CBRE FMCG companies Quality office buildings were first built in Moscow at the beginning of the 1990s in the centre of the city (Central Business District (CBD) – this district includes the zone inside the Garden Ring plus the area along 1st $2 000 Tverskaya-Yamskaya Street as far as Belorussky railway station). At the $1 800 beginning of the 2000s, developers started to conquer the territory outside $1 600 the Garden Ring. The first office building outside the MKAD – Country $1 400 Park – was put into operation at the end of 2003. In 2004–2005 about $1 200 40–50% of new supply fell within the area outside the CBD but within the $1 000 MKAD. $800 $600 $400 The key determining factors of decentralisation of development and $200 demand in 2004–2005: $- source: CBRE • limited availability of land in the city centre London Prague Warsaw Dubai Moscow • high demand for class A offices stimulated by rapid company growth Average rental rate in business parks as well as willingness to move to new modern business centres Rental rate for Prime Class A offices • significant share of preliminary contracts in the total number of transactions (the major part of transactions were done in buildings that were still under construction). For instance, according to the results for 2004, 40% of class A buildings that were to be commissioned in 2005 were already leased. In 2005 this figure increased to 50% of the new supply for 2006. • as a result of limited new supply and high demand, the vacancy rate However, in some regions, it is common for certain groups of companies was very low: in the CBD it did not exceed 2–4%, and in class A 3–5% to cluster in the same business parks. Thus for instance in Dubai, • lack of office space in the centre of the city forced tenants to turn their manufacturing companies are concentrated in Dubai Industrial City attention to decentralised offices and Dubai World Central, while outsourcing companies opt for Dubai • traffic congestion in the centre of the city Outsource Zone. In England technology companies are situated in business parks to the west of London and are not tied to the capital. In Warsaw such clusters are also starting to emerge: IT companies in The In 2006 the Moscow government first announced limits on the Park Warsaw, pharmaceuticals in Poleczki Business Park, and aviation development of office buildings in the central part of the city, which fueled and travel industries in Okecie Business Park. further decentralisation of the office market. ©2014. CB Richard Ellis, LLC. All rights reserved 10 11 Sheremetyevo This location is dictated by historical factors: airport Khimki BC Decentralised offices (existing and • favourable ecological environment due to prevailing winds and lack of under construction) are located in hazardous manufacturing waste the western part of Moscow, in the • main residential areas for business-class and elite cottage A l t Mebe One Khimki Plaza u north-west, west and south-west of neighbourhoods include Rublevo-Uspenskoe Highway, Novorizhskoe f y e s Country Park II&III v the capital. New projects will also Highway, Kievskoe Highway, Kaluzhskoe Highway k Aero City o e be located in these districts. • proximity to international airports – Sheremetyevo, Vnukovo, H Green Point i h g Domodedovo a w MKAD y P L D y e m a ning it tn ro its v k r s y o a k a e o w d h H s e g i k i g H o H hw e i g e a H h o y k i w s g v h a a w y l y s a a o hw y r ig a H Y V e olokol o ams k The above factors are the key characteristics that explain the interest of developers and tenants in these districts, RigaLand Myakinino BC unlike the eastern part of Moscow where industrial areas were concentrated historically. y N 20 KM hwa ovorizhs Hig koe vskoe Hi OR ING elko ghw THIRD TRANSP T R Sh In spite of a certain level of vacancy in some business complexes outside the MKAD, the mix of tenants proves ay this concept to be successful. The tenants of decentralised offices are mainly large Russian and international 17 KM companies. Residence ay ghw way Hi High v skoe sto We analysed the mix of major tenants of A and B+ class office complexes outside the MKAD (the total area spen ia o-U uz ov nt ly E Rub KREMLIN researched was 133,000 sq m). International companies occupy 30% less space than Russian companies (55,000 sq m and 78,000 sq m respectively). However there are twice as many international companies as Russian ones (33 and 18 respectively). So, beyond the MKAD there are offices of large Russian companies with nue GA Ave RD average area of 4,300 sq m, while international companies’ – 1,600 sq m.
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