At the end of Q1, the volume of newly commissioned office space amounted 55,795 sq m, which is two times more than in the same period in the previous year. The Moscow office market increased by three new objects, only one of which belongs to Class A, located in the CBD (Central Business District).
In Q1 2020 the volume of free supply stabilised. Compared to the end of 2019, the office market vacancy rate remained at almost the same level, falling by just 0.1 p.p. At the end of March, 8.9% (+0.2 p.p.) of space was free in Class A business centres. In Class B+/- offices, the vacancy rate was 4.5% (-0.2 p.p.).
In Q1 2020, the total volume of leased and purchased office space amounted 293,000 sq m, which was a decline of 6% compared to Q1 in the previous year.
In Class A offices for the period from January to March, the rental rate amounted 23,740 RUB/sq m/p.a., and within the ‘old’ Moscow boundaries the rate was 30,283 RUB/sq m/p.a., an increase of 3% compared to the end of 2019.
In Q1 2020 the volume of free supply stabilised. Compared to the end of 2019, the office market vacancy rate remained at almost the same level, falling by just 0.1 p.p. At the end of March, 8.9% (+0.2 p.p.) of space was free in Class A business centres. In Class B+/- offices, the vacancy rate was 4.5% (-0.2 p.p.).
In Q1 2020, the total volume of leased and purchased office space amounted 293,000 sq m, which was a decline of 6% compared to Q1 in the previous year.
In Class A offices for the period from January to March, the rental rate amounted 23,740 RUB/sq m/p.a., and within the ‘old’ Moscow boundaries the rate was 30,283 RUB/sq m/p.a., an increase of 3% compared to the end of 2019.
