In the first quarter of 2024, the weighted average requested rental rate for Class A offices in St. Petersburg increased by 5.7% and reached 2,377 rubles per square meter. m per month. After a period of stagnation in 2023, such a significant increase in rates for the quarter is explained by a sharp reduction in the share of available space and a minimum volume of high-end offices under construction. From January to March, the volume of vacant office space in the St. Petersburg market decreased by 21%. 249 thousand square meters of office space in 534 business centers remain vacant. The share of unoccupied supply is unevenly represented on the market: if the average vacancy rate in the city is 5.9%, then in office centers with rates of 2,000 rubles per square meter. m and above, 25% of the space is vacant. Such data is reported by NF Group experts.
According to the results of the first quarter of 2024, the office real estate market in St. Petersburg has seen an increase in rental rates, both in Class A and Class B buildings. The weighted average requested rental rate for Class A offices increased by 5.7%, to 2,377 rubles per square meter. m per month, for Class B offices – by 3%, reaching 1,544 rubles per sq. m. m per month.
At the beginning of 2024, landlords put on the market space in Class A office centers in non-central parts of the city at rates over 3,000 rubles per square meter. m per month.
In the first quarter of 2024, the volume of vacant office space in the St. Petersburg market decreased by 21%. 249 thousand square meters of offices in 534 business centers remain vacant. In Class A offices, vacancy decreased by 3.3 percentage points in the quarter and reached 5.2%. In Class B business centers, the decrease in the share of vacant space amounted to 0.7 percentage points to 6.2%. This is comparable to the indicators of the pre–pandemic period, when there was a significant shortage of new supply – in these conditions, the position of landlords in the market was more profitable.
The share of free supply is unevenly represented in the market. If the average vacancy rate in the city is 5.9%, then in office buildings with rates of 2,000 rubles per square meter. m per month and above, by the end of March 2024, 25% of the area is free.
Development activity is at a low level due to the high cost of construction, the rise in the cost of debt financing, on the one hand, and due to the low level of effective demand, on the other. In the first quarter of 2024, the reconstruction of three class B office centers with a leasable area of 33 thousand square meters was commissioned and completed. Among them are the K-37 and Reforma business centers in the Vyborg district of the city, as well as Lakhta Plaza in the Primorsky district.
In the period from January to March, Ferrum Business Center (2nd stage), K-37, as well as most of the space in Flanders business Center were fully leased.
According to Regina Voloshenko, director of the office real estate department at NF Group in St. Petersburg, the main wave of relocations to expand and improve the quality of offices in 2023 and early 2024 was associated with a large amount of vacant space and stagnant rental rates in 2023. This trend is expected to decline in the second half of 2024 due to a reduction in vacancy. The exposure period of liquid offices offered at the market rental rate has been reduced from several weeks to several days. The main demand is provided by IT companies and companies in the financial sector, which are actively developing, increasing staff and improving the quality of offices.
Источник: www.bsn.ru
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