The volume of commissioning of service offices in 2024 may be the highest in the last 5 years

A modern office space with a sleek design featuring a long wooden desk, black chairs, and plants.

 Объем ввода сервисных офисов в 2024 году может стать самым высоким за последние 5 лет

The volume of the service office market by the end of the first quarter of 2024 reached 61 thousand square meters (10,678 jobs), analysts of the consulting company BrightRich | CORFAC International said. By the end of the year, according to the company’s forecast, the total total volume of new supply in the segment may amount to 11,047 sq. m. This figure is the highest in the last 5 years and is 44% higher than the volume of new supply in 2023.

In 2024, nine new service offices were announced in St. Petersburg, designed for 1,949 jobs. Of the facilities announced for commissioning in 2024, not a single service office was commissioned in the first quarter, the Chekhov Practice was introduced in the second quarter, and by the end of the third quarter, the PAGE operator plans to open its offices in VEREYSKAYA-PAGE and Sredniy PAGE.

The vacancy rate in the segment is 16.4%, the largest share of the total current supply is in the Central, Petrogradsky and Admiralteysky districts, while according to the results of the 1st quarter, the vacancy in the Petrogradsky district was only 4.7%.

The expansion of the service office market is traditionally provided by network operators, which account for about 90% of new workspaces. “The advantage of network operators in the market is explained by their greater efficiency in terms of investments, as well as experience that increases the likelihood of project success. The established customer base, a ready-made workplace management system and the accumulated know–how of the office and community organization are three quarters of the success of the service office. The last quarter is the real estate itself,” says Viktor Zaglumin, co–founder and partner of BrightRich | CORFACInt.

The offer structure of network and non-network operators differs in both volume and vacancy rate. By the end of Q1, the vacancy rate in network service offices was 17.7%, and the vacancy rate for non-network operators decreased to 9.36%, which may be due to a more attractive rental rate, as well as the closure/suspension of several workspaces.

IT/ Media/ Telecommunications segment companies, banking structures and the oil and gas sector remain the drivers of demand for service offices. The rental rate for a non-fixed workplace starts at 8,500 rubles and, on average, is 15,400 rubles, the average rental rate for a fixed workplace in the network space has increased by 11% since the end of 2023, amounting to 22,600 rubles/ month.


Leave a Reply

We use cookies to give you the best possible experience on our site. By clicking "Accept", you agree to our use of cookies.