From January to March 2024, two new class B projects – K-37 and Lakhta Plaza – were added to the office space market. At least five more projects with GLA totaling to 75,800 sq m have been announced to be commissioned till the end of the year.

Since the end of the previous year the occupancy rate on the market has dropped to 6.4% (267,800 sq m). The vacancy rate has sunk in all city districts.

Due to limited supply, rental rates show high volatility within short periods of time, and the gap in the cost per square metre between classes is gradually narrowing.

Restrained construction rates and high occupant activity are aggravating the shortage of quality office units.

The trend for office buildings being rent or purchased by end users will remain relevant. This being said, while the purchase of business centres is mainly related to capital preservation strategies, the lease of office buildings is most often initiated by the process of consolidation and expansion.