The first three months of 2012 were characterized by a small volume of new construction, high activity on the part of tenants, a continuation of the decline in the vacancy rate and stabilization of rental rates.
According to the results of the Q3 quarter of 2012, the increase in supply of high-quality office space remains low. The vacancy rate in the Moscow market has grown due to a decrease in absorption during the summer period, while the level of basic rental rates remains almost unchanged during the year.
Despite the unstable situation in the global financial markets, which weakened the real estate markets of most countries, positive trends were observed in the Moscow real estate market. This is evidenced by a record increase in the volume of investments, an increase in the volume of absorption of office space and a gradual increase in the level of rental rates.
At the end of 2012, the total supply of quality office space in Moscow reached 13.4 million square meters. m. During the year, was introduced about 524 thousand square meters. m of office space, which was 15% less than in 2011.
The volume of absorption of office space amounted to 724 thousand square meters. m, which is 35% more than in 2011. This suggests that activity from tenants / buyers in the market continues to grow. The average vacancy rate in the market was 11%.
The main factor that influenced the prospects of the Moscow office real estate market was the totality of measures taken by the Government of Moscow and the Town Planning Land Commission to ban the construction of new office facilities in the city center. This will affect the growth in the supply of quality supply and the dynamics of growth in rental rates in this segment. This trend is increasingly enhancing interest in facilities located outside the Central Administrative District, both from developers and tenants.
After a significant increase in supply in previous periods, in the Q2 of 2015, we observed a decrease in the pace of new construction: 128 thousand sq. m of office space against 291 thousand sq.m. of the previous quarter. But still the volume of new construction significantly exceeds the needs of companies in the lease of new space.
In order to reduce costs, companies continue to optimize office space and reduce their footprint. At the end of the first half of the year, the total net absorption remains in the negative zone and is equal to the value - 53 thousand sq.m.