The cost of building warehouses increased by 20%

In May 2025, the cost of building warehouse real estate reached 67.8 thousand rubles. per 1 sq. m, which is 20% more than a year earlier. However, growth rates begin to slow down: during the period from the beginning of the year, it amounted to only 3%. Storage developers are forced to slow down, including due to a reduction in demand, which, according to some estimates, will decrease three times in the first half of the year.

The cost of building warehouse real estate in May 2025 increased by 20% year to year, to 67.8 thousand rubles. per 1 sq. m, follows from a joint study of the consulting company IBC Real Estate and the MBM Civil Code (developer of the logo parks). Most of all in January -March 2025, the cost of construction work (by 23% by the year, to 27.6 thousand rubles per 1 sq. M) and building materials (by 18%, to 40.2 thousand rubles per 1 sq. M) went up. Construction continues to rise in price due to the increase in the cost of borrowed financing, materials and the rise in the cost of labor, the head of the warehouse and industrial real estate department of the Core.xp consulting company Anton Alyabyev states.

However, the growth rate of indicators slows down: in January -mayor of 2025, the cost of building warehouses increased by only 3%, the head of the Department for Work with Star and Production Premises IBC REAL ESTATE Evgeny Pomelin calculated. This is due to the achievement of a balanced level of value – the price already reflects all price fluctuations factors, Pavel Yakimchuk, partner of CMWP consulting company, notes.

Banking financing and the growing cost of construction are now almost inaccessible to reduce warehouse developers to reduce the number of new speculative and Built-to-Suit (customer construction) projects, says Viktor Afanasenko, regional director of the warehouse and industrial real estate department. In such conditions, it is quite difficult to implement a project with attractive profitability, adds the general director of the MBM Group of Companies Yuri Menukhov.

The growing vacancy in the warehouse and stabilization of rental rates affect the slowdown in the activity of developers, Evgeny Pomugin notes. According to him, in the first quarter of 2025, only 0.8 million square meters remained vacant in Moscow. M warehouse areas, which is four times more than a year by the year. And from the beginning of the year, rental rates in warehouse spaces have grown by 4%, which is much lower than the growth rate of the last two years, Constantine Fomichenko’s consulting company, the partner of the NF Group consulting company. For comparison: in 2023, rental rates increased by 55% year by the year, in 2024-by 41%, the expert adds.

The current economic situation limits the activity of not only developers, but also consumers of warehouse real estate. According to the results of the first half of the year 2025, the volume of transactions with the logo -parks in Russia will decrease for the next year by the year, to 1 million square meters. m, based on the scope of concluded agreements, Constantine Fomichenko calculated. Nevertheless, Anton Alyabyev believes, in the future we can expect the effect of deferred demand: business still needs such areas and requests will be implemented after softening monetary policy.

By the end of 2025, Evgeny Povagin predicts, the trend for slowing down the increase in the cost of building warehouse real estate will be strengthened: the indicator will grow by only 5% of the year by the year. Prices may even stop after stabilization of inflation and a potential decrease in the key rate of the Central Bank, says Pavel Yakimchuk. Nevertheless, he adds, the Monetary and credit policy of the Central Bank has not yet softened, which inhibits investment activity-all this continues to influence the slowdown of development processes and pushes to an increase in the cost of building materials and their delivery.

Sofia Meshkova