Started on the background of the restrictive measures because of COVID-19 the crisis has not killed the activity in the commercial real estate market. Investors due to the large amount of liquidity still willing to invest in the market. But the focus has greatly shifted: instead of the usual offices and shopping centers, they are increasingly choosing warehousing facilities.The total investment in commercial real estate in Russia in the first half of 2020 was $820,7 million (58,4 billion roubles), 74% ($471 million) more than in the previous year. Such data in their study, the results of Colliers International. Analysts clarify that the increase was mainly due to the first quarter, and the second the total amount of investment was comparable with the value for the same period last year — $326 million (23.2 billion rubles).Data consultants vary, but a similar trend is observed in the calculations Cushman & Wakefield, according to which in January—may the total volume of commercial real estate investment in Russia reached €1.1 billion (88 billion USD), an increase of 20% compared to the same period last year. CBRE estimated the total amount of investments for the half year to 104 billion rubles is 10% higher than a year earlier.At Colliers International explained that these consultants may vary from your own assessment strategies investment. For example, some market participants are considering as investments the purchase of land or do not have information about individual transactions.According to the calculations of Colliers International, the share of logistics real estate objects in the total structure increased to 26% vs 11% a year earlier. This is the highest indicator since 2010. According to estimates of JLL, the total volume of investments, including the projects of housing construction, the share of warehouse real estate rose from 6% to 11%, while the share of offices has blurred over the same period, from 35% to 24%.According to Colliers International, c 34% to 22% per year in the structure of investments in business assets declined, the share of shopping centres, whereas hotels of the crisis has not affected their share rose from 9% to 12%. Senior Director of capital markets and investments at CBRE Iryna Ushakova noted that a similar trend is typical for all European countries: the markets of warehouse real estate and rental housing proved to be more resilient to the crisis, while commercial properties are predictable are more affected than others.According to estimates of JLL, the share of transactions with participation of foreign investors in the first half decreased by 4 percentage points compared to the same period last year to 8%. Head of research at JLL Vladislav Fadeev calls reduction of volume of foreign investments on the background of quarantine restrictions to a global trend. Partner of Colliers International Stanislav Bibik refers to the availability of a large volume of ruble Erad��ness factor that supported the dynamics of investments in commercial properties in the first quarter. “The market has survived the crises of 2008 and 2014 and, in a sense was ready for the current situation”,— says the expert.Despite investor activity, Mr Bibik expects the total volume of investment in commercial property this year will be lower than in the past. He identifies two factors: the market is not expected to be very large transactions, but many of its members took a wait and see attitude, watching the development of the situation. Cushman & Wakefield also expect that the total amount of investment will be 15% below the value of 2019. Irina Ushakova notes that the decline will occur despite the market’s recent recovery. According to Vladislav Fadeev, the main activity is now observed in the warehouse market. Impact on investors positive factor according to the expert, the expected reduction in funding costs after reducing the Central Bank’s key rate to 4.5%.Alexander Mertsalivka the Moscow office market is experiencing another criticical to further