2019| Russia | Moscow | Office

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In 2019, the volume of commissioned office space amounted to 388 105 sq m, three times higher than the previous year. At the end of the year, the vacancy rate in class A office buildings was 8.7%, which in absolute terms corresponds to 382 000 sq m. Since the beginning of the year, the share of vacant space decreased by 3.6 p.p. In class B offices, vacancy for the year decreased by 3.0 p.p. and by the end of 2019 amounted to 4.6%, which corresponds to 664 000 sq m. These are the lowest vacancy rates in the entire history of the market both in class A and in class B+/-. In 2019, the market continued to change direction from the “tenant/buyer market” to the “lessor/seller market”. A growing number of owners are reviewing commercial conditions upwards. At the end of 2019, in class B+/- offices, the average weighted requested rental rate was 14,602 roubles/sq m/year. In class A offices, the weighted average rental rate returned to that of 2017 and amounted to 25,510 roubles/sq m/year. In 2019, the total amount of rented and purchased office space amounted to 1,621 000 sq m, which is 6% higher than the previous year. At the end of 2019 the share of foreign investments amounted to 40%, while in 2018 the figure was 43%. The Moscow region maintains its traditional leadership in terms of investment, accounting for 58% of total annual investment, or $1,464 million.

2019| Russia | Moscow | Office

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