In 2024 six new facilities with the total floor area of 34,100 sq m were added to the Saint Petersburg office estate market. This is the lowest amount of office space commissioning for the entire history of observations.

Office units in new facilities are rapidly occupied on account of the acute scarcity of quality offices and high activity of potential business center occupiers.

The business centres put into operation over the year are 90% contracted.

In three years to come we expect the persistent shortage of new speculative development an dlow vacancy rates in projects under construction. The plan calls for 16 business centres with the total floor space of 249,000 sq m to be commissioned from 2025 to 2027. Of this amount only 50% of office space is available mainly for lease. The highest office space must be rolled out to the market in 2025, specifically 125,500 sq m with only 40% of this space staying vacant.

Given plentiful pre-lease/pre-sale agreements signed to office space in projcts under construction and an acute shortage of supply in existing buildings, tenants will be compelle to consier BTS projects in the years to come, as well as “resettlement” offers at above-market rental rates.

Because of office development stagnation, pent-up demand is being generated on the market, which cannot be met under the scarcity of office space.