St Petersburg commercial realty investments fall, auctions rise

In 2025, investments in commercial real estate of St. Petersburg and Leningrad Region reached 75.1 billion rubles ($834 million at current rates). A total of 38 transactions were concluded with a total area of 711,400 square meters. Compared to 2024, the total investment volume decreased by 8.5%.

The share of properties acquired through auctions amounted to 18% of total investments. The value of such transactions reached 13.8 billion rubles ($153 million at current rates), more than double the 2024 figure of 6.2 billion rubles ($69 million at current rates).

The distribution of investments by main commercial real estate segments is as follows:

Office premises — 42.5 billion rubles ($472 million);
Warehouse complexes — 18 billion rubles ($200 million);
Hotels — 7 billion rubles ($78 million);
Retail properties — 3.7 billion rubles ($41 million).

«Demand has shifted: offices have taken the spotlight, overtaking warehouses, and the hotel segment is gaining popularity. At the same time, a significant portion of assets went through auctions. Thus, investors showed a willingness to invest in commercial real estate, but on the most favorable terms for themselves, choosing undervalued assets with growth potential of capitalization,» notes Viktor Zaglumin, co-founder and partner of Bright Rich | CORFAC International.

According to consulting company NF Group, total investments in all types of real estate in St. Petersburg, including residential and land plots, for 2025 are estimated at 120 billion rubles ($1.33 billion at current rates).

According to NF Group«s calculations, 48% of this amount, or about 57 billion rubles ($633 million), was directed to the purchase of land for housing construction. Company experts predict that in 2026 total real estate investments in the city could range from 100 to 130 billion rubles ($1.11 billion to $1.44 billion), and interest in acquiring assets at auctions will continue to grow.