Office Real Estate

Журнал CRE #247 Февраль2015
By the end of 2014, the total volume of quality office premises in Moscow surpassed 15 million sq m, with the share of Class A reaching 22% (3.4 million sq m), Class B – 78% (11 million sq m). Introduced in the fourth quarter were about 370,000 sq m, of which about 150,000 sq m were premises in the Class A segment. Traditionally, most of the new space came onto the market in the area between the TRR and the Moscow Ring Road, 41%, followed by the MIBC Moscow-City, thanks to the commissioning of the OKO Complex – 29%, the area outside the MKAD, thanks to the commissioning of the Class A K2 Business Park and the Aero City Complex – 14%, the center and area between the Garden Ring Road and Moscow Ring Road – 9% and 7%, respectively (CBRE).

External factors, such as lower GDP growth and a sharp devaluation of the ruble, in conjunction with the release onto the market of a large amount of new supply, have put significant pressure on rental rates. By the end of 2014, an increasing number of tenants were trying to renegotiate the current terms of their leases, in favor of a fixed foreign currency corridor, or go to a ruble denominated rate. However, this transition has been observed only in the Class B+ and B- office segments, wh...
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