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Demand for class A offices for the last 12 months is two times higher than pre-crisis levels

- By the end of the year office take-up can reach 0.9 mn sq m - 

Moscow, 21 July 2016, - CBRE, global real estate advisor, summarizes H1 2016 results of the Moscow Office market. According to the report, take-up volume in H1 2016 increased by 69% YoY and amounted to 557,100 sq m. At the same time, the share of class A offices in take-up increased by more than 3 times YoY in H1 2016.

In H1 2016 class A vacancy decreased to 19,3% from 26% at the end of 2015. To a greater extent this decrease in vacancy rate is related to withdrawal from the market of Eurasia Tower (93,900 sq m) and President Plaza (114,700 sq m), which will be potentially occupied by structures of VTB and Sberbank, respectively. These two towers accounted for 2.4% and 3% of vacancy rate in class A, respectively.

Elena Denisova, Senior Director, Head of Office Agency of CBRE in Russia said: 

"Two large buildings’ take off the market had a positive impact on class A vacancy rate. But one must understand that these are non-market transactions: in reality, if excluding these buildings from calculations, class A vacancy rate fell by only 1.3 ppts. These type transactions are continuation of the trend that began last year, when large corporations with state participation and government authorities became active in the office market. On one hand it has positive effect on market indicators, on the other - it makes market forecasting even more difficult."