Results 2023 | Moscow | Office market
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Results 2023 | Moscow | Office market
21 февраля 2024
Based on the results for 2023, the office market demonstrates resilience to crisis periods and high interest from office space users, which is due to the following trends: demand for office purchase from both end users and small private investors, as well as the desire of potential occupants to grab ready-made office solutions.

The average market vacancy rate for 2023 stabilized at the level of 6.6%. Vacant space is rapidly shrinking, the vacancy rate went down by 1.7 p.p. in class A and by 2.8 p.p. in class B+/- year-on-year.

The average market rental rate at the end of 2023 had grown by 4% vs.

to the final figures for the previous year, having stayed at 22,065 RUB/sq m/year.

The volume of office purchases by end-users in 2023 was record high for the entire history of the market. The demand for office space purchase in 2023 amounts to 20% of total office transactions. The net absorption came to 679,000 sq m against the background of consistently high demand and, as a result, the sliding vacancy rate.

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