In Q4 2024, 184,000 sq m in new facilities were commissioned, with 85% of this new office space already contracted. Projects sold out as smaller units were added to the office stock: two towers in Stone Towers office scheme, a business center in Prokshino and Botanica retail and office cluster. Only one office unit remained vacant in the latter, while the rest had been contracted prior to their commissioning.

The annually commissioned space reached 567,000 sq m, which is twice as much as in 2023. This significant growth is due to the completion of large-scale projects launched several years ago. Moscow Towers and Time Tower in iCity accounted for 54% of the total annually commissioned office space. An additional stimulus for office construction was the program of creating places of employment, which accounted for 20% of commissioned office space during the year.

Vacant office space is absorbed faster than the new office space is commissioned. As predicted by Nikoliers, over the next three years the commissioned speculative office space (excluding BTS) will amount to 470-500 thousand sq m per year. The slow pace of new office construction and a high share of pre-lease/pre-sale transactions will mean a scarce supply and low vacancy on the office estate market in the near term.