- 18/03/2019 - 10:43
In Q1 2014 the total volume of quality office space in Moscow reached 15,5 mln. sq. m. Within the first three months of 2014 299 thousand sq. m have been commissioned, which is 6 % more than at the same period last year.
Net absorption of office space during the first three months remains low, but nevertheless it demonstrates a positive trend. Thus, the volume of net absorption increased by 8 times compared with the same period last year, and at the end of Q1 2014 it comprised 151 thousand sq. m.
By the end of Q1 2014 vacancy rates reached 13,3%, which is 0,3% less than at the end of the previous year.
The beginning of the year in Moscow office market, as in the country's economy and the world in general, was characterized by a fairly high level of uncertainty. This could not but affect rental rates and many landlords were forced to reduce rental rates to attract more tenants. Q1 2014 also demonstrated significant currency fluctuations . The average asking rental rates for Class A comprised $ 750 per sq. m per year, for class B + - $ 555 per sq. m per year., for Class B - average rental rates comprised $ 410 per sq. m per year.
