In 2023, new office space amounting to 133,800 sq m hit the market.

High business activity during 2023 led to the average vacancy rate going down to 8.4% versus 10.5% in December 2022. All areas in the city, except for Vasileostrovskiy and Vyborgskiy districts, showed a reduction in vacant office space by the end of the year.
End users are increasingly keener on acquiring quality business centres. However, their supply in the St. Petersburg market is limited.

The current economic situation continues to affect office development: inflation, rising construction costs and the key rate, as well as limited project financing significantly reduce developers’ ability to build speculative office projects.
We believe that in 2024, in the midst of declining vacancies, rental rates in quality business centres will soar. Owners of high-class facilities will be able to significantly increase the asking rate due to the existing scarcity of office space.