Experts say that this is due to the restructuring of the Russian economy, which over the past two years has experienced the departure of many Western companies and at the same time the development of Russian organizations
According to the preliminary results of the first quarter of 2024, the volume of new transactions for the purchase and lease of offices in Moscow exceeded the figures for the same period last year by 10-20%, RBC reports, citing a study by the consulting company CORE.XP.
This is a record for the last five years. It is also noted that the share of empty office space in Moscow is at its lowest level in the last 16 years.
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Ekaterina Belova, Member of the Board of Directors, Head of the Office Space Department at IBC Real Estate, comments:
Ekaterina Belova, Member of the Board of Directors, Head of the IBC Real Estate Office Department, “The growth in demand for offices is associated with a strong restructuring of the Russian economy: foreign companies are leaving, Russian companies are developing, and they need space for this development. We are noticing an active surge in interest in both renting and buying. Last year, companies purchased 2 million square meters of offices. Probably, after all, while renting is in the lead, but buying is also very popular and gaining momentum. From the point of view of rental and purchase prices: last year the rental was quite calm, last year the rates did not rise, however, as the vacancy rate in the market decreased, the flexibility of landlords in transactions decreased. That is, if at the beginning of 2022, when a large lease deal was being conducted, it was possible to get a good discount, then by the end of the year the size of this discount was greatly reduced. From the point of view of purchase: there are different directions here. If we are talking about objects under construction, which are now very actively selling, finely sliced blocks, prices are rising as the construction progress progresses. That is, at the entrance to the project, at the very initial stage, the price will be minimal, and as the object is being built, if it is successful, developers raise prices. The system here is somewhat similar to the sale of apartments.”
This year, rental rates are projected to continue to rise — supply is declining, while demand remains elevated. According to the expert, in the capital, office purchase prices range from 150,000 to 700,000 rubles per square meter. If we talk about rent, the average rate is 25 thousand rubles per square meter per year. For more prestigious facilities, the base cost per square meter is on average 40 thousand rubles per year.
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