H1 2023 | St. Petersburg | Office Market
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H1 2023 | St. Petersburg | Office Market
31 июля 2023
The increase in supply was 3.7 times higher than during the similar period last year. During the year many companies have had enough time to get adapted to the new reality. The occupant activity is high.
IT traditionally remains the most vibrant business sector in terms of demand for office space (50%). Manufacturing companies (10%), banks and financial structures (10%) also play a significant role in the rental market.
Amid the grown activity of occupants, we do not expect the completion of construction on new large speculative office projects in the second half of 2023 to spur the vacancy rate: the average market vacancy indicator may sink by 1-2 p.p. till the year’s end, which might also lead to the upward correction of the asked rental rates in quality facilities.
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