- 14/03/2019 - 20:42
The pace of new construction remained high. Despite the difficult economic situation, properties with a high readiness stage are being completed and brought to market. The generation of excess supply continues.
The total net absorption volume which shows the change in occupied office space has fallen to a negative value due to vacancies in Class B properties in the context of the economic crisis.
The vacancy rate in the first three months of the year grew by 1.6 percentage points (pp.) Currently, more than 3m sqm of office spaces are vacant of which 1m sqm are Class A properties.
In order to attract tenants, owners are forced to adapt to the new conditions. Landlords are increasingly switching to contracts quoted in rubles. There has been a decrease in asking rental rates in ruble terms; property owners are adjusting their business terms attempting to meet the expectations of tenants.
