In 2022, the Moscow warehouse market again showed a relatively good level of resistance to new challenges. The pessimistic 5% vacancy rate forecast made at the end of Q1 2022 did not come true, and according to the results of 2022, this figure stood at 2.9%. However, given the exodus of many foreign companies, as well as the reduction of surplus space occupied by major market players, an increase in storage space exposed on the market was unavoidable. With vacancies growing by 1.8 p.p. in 2022, this could not but affect the rental rates: after climbing to 6,200 RUB/sq m/year in the first quarter of the past year, they gradually settled down at 5 803 RUB/sq m/year. Nevertheless, the turbulence on the Russian market has negatively affected the dynamics of business activity and the behavior of warehouse users. The demand dived by 46% to 1,325 thousand sq m, which is comparable to the figures for 2014-2019; and it is anticipated that the demand will stabilize at this level. New development amounting to 1 547 thousand sq m is also record high since 2015.