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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