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CBRE Research Department reported the results of 2016 in Moscow office market

According to the report, low completions and increasing tenant activity starting from Q3 2016 have led to the ‘washing’ of high-quality assets, especially notable in the supply of larger premises. 

The share of new market transactions increased since the second half of the year. Rental rates in business centres of Moscow are still primarily in the ruble zone after the transition from US dollar nomination of rental rates in late 2014-early 2015.

Elena Denisova, Senior Director, Head of Office Department of CBRE in Russia said: "2016 became the year of leveling the balance on the market and stabilization of the key indicators and formed the base for the gradual transition from a tenant market to a landlord market. Justifying our forecasts, take-up reached the pre-crisis level of 2013. On the back of record low volume of completions vacancy rate has been steadily declining throughout the year. Occupiers activity increased substantially in the second half of the year and, importantly, was converted into market transactions. Demand from large Russian business, as well as government sector demand on quality office buildings, which maintained office property market for the last two years, expected to be high in 2017."