H1 2023 | Moscow | Office Market
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H1 2023 | Moscow | Office Market
02 августа 2023
A record volume of transactions for the first six months was recorded in the Moscow office real estate market in the first half of 2023. The total office space bought and leased in H1 2023 stood at 875,000 sq m. In Q2 2023, the market was replenished with three Class A office space – DM Tower, Park Legend and Capital Towers. According to the results of the first half of 2023, the commissioning of office space amounted to 104,700 sq m.
The vacancy rate is on shrinking and is fixed in Сlass A at 12.2%, in Class B+/- 6,4 %. The total vacancy rate was 8%.
Weighted average rental rates in Class A are RUB26,460/sq m/year (-4.2% vs. Q1 2023), in Сlass B+/- RUB17,753/sq m/year (+1.1% vs. Q1 2023). At the same time, the value of the weighted average rate is strongly influenced by the impact of the reduction of rates in facilities located outside the MKAD, where a rate reduction of 8.8% was recorded in Class A and 5.5% - in Class B + /-.
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