The record volume of transactions during the first nine months of 2023 means a new surge in the Moscow office market development. Vacancies dropped to 7.4%, which is a record low level for the same period of the two previous years. The net absorption shows positive dynamics and as of the end of Q3 2023 it amounted to 480,400 sq m. Sales of office facilities and units were very robust, as about 22% of all transactions in terms of office space in 2023 are represented by sale and purchase deals.

The weighted average rental rate is 21,374 RUB/sq m/year. The adjustment of rental rates is mainly due to a high volume of transactions and withdrawal of liquid supply from the market. The average rate continues to be influenced by a drop in the cost of less sought-after properties outside the Moscow Ring Road.