Russian property developers had planned construction of 990,000 sqm of new mall space in 2015.

But property specialist Jones Lang LaSalle predicts the brakes will be put on as much as 400,000sqm of new Russian malls space, in the wake of the rouble’s collapse and the nation’s worsening economic plight.

The nation’s growing economic crisis is seeing consumers cut spending and restricting access to finance.

“Everything depends on how many planned projects have already received financing,” said Olesya Dzyuba, deputy head of research at JLL, in the report.

Russia’s Central Bank has raised the base interest rate to 15 per cent in a bid to prop up the rouble, leaving real estate developers facing borrowing rates as high as 20 per cent, severely impacting on the viability of retail or commercial developments, especially when consumers are cutting back on spending.

Compounding the problem, foreign retailers are finding Russia a far less attractive market given the rouble’s value has slumped 50 per cent in around six months, reducing demand for space.

Finnish department store Stockmann closed 16 fashion outlets in Russia last year and international brands like Adidas and Zara have slowed store roll-outs.

According to JLL, Russian mall rental rates slumped 20 per cent last year, to reach an average range of between US$400 and $1450 per sqm.

Photo: Russian shopping mall Gallery Novosibirsk which opened in December 2014, after the crisis hit.