In Q1 2013, the total volume of quality office space in Moscow exceeded 13,8 million sq m. In the first three months, 164 thousand sq m have been commissioned, which is 42% more compared to the same period last year.
Net absorption in Q3 2013 amounted to 18 thousand sq m, which is 15 times less than in the first three months of last year. First of all, it is due to the fact, that many tenants are moving into new offices without increasing their office space because of changes in the requirements for occupied office premises.
The office market continues to be driven by the post-crisis mood with regard to the new developments which are estimated at 25% of what was supplied in the same period of 2016. Even though the total supply of new offices will most likely exceed the number of 2016, it will remain low and unsteady.
The total supply of quality office space in Moscow at the end of Q2 2014 reached 16 mln. sq m. During the first two quarters about 504 thousand sq m were delivered, 59 % of which are class A and class B. Thus, the volume of new construction exceeds by 41% the volume of the previous year and is the highest since 2009.