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Moscow office supply keeps falling

Rafał Ostrowski 22 April 2016

Rafał Ostrowski

Journalist

+48 22 356 25 11
rafal.ostrowski@eurobuildcee.com

Rafał Ostrowski has over 17 years’ experience as a journalist. Before joining ‘Eurobuild CEE’ five years ago, he wrote for Wydawnictwo Murator and Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and prepared photo-reportages. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. For ‘Eurobuild CEE’ he covers most real estate sectors, including logistics, construction, office, residential and retail. He is also in charge of the film direction for Eurobuild TV.

RUSSIA Moscow new office supply is expected to hit 660,000 sqm this year, a 8 pct y-o-y drop, according to JLL.

“In fact, the actual 2016 completions may undershoot even more due to the challenging economic environment. The latter forces many developers to adjust their construction plans by putting on hold some projects at the early stage of construction and postponing planned projects,” said Alexander Churikov, the head of office and industrial research at JLL in Russia and CIS. Among notable upcoming projects for this year, the agency lists Federation Tower – East in Moscow City, new office premises in Bolshevik business centre on Leningradsky Avenue and new buildings in the G10 business park. The share of class A new office space this year is expected to stand at 26 pct, as compared to 45 pct in 2015. In the first quarter of 2016 only four high quality office projects with the total area of 63,000 sqm were completed in Moscow, a record low level of new supply over the past decade. At the end of March, the overall vacancy rate in Moscow remained roughly unchanged compared to Q4 2015, as it stood at 15.8 pctt. The vacancy rate for Class A properties declined marginally, to 22.4 pct from 22.8 pct.

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