Cushman & Wakefield: Moscow office snapshot for December 2008 (RU)
Wednesday 14 January 2009
Cushman & Wakefield's latest Moscow office market report shows a decline in rental prices in all office classes and a growth in vacancy rates.
- In December, there has been a further decrease in asking rental rates for all classes of office premises. In the last 6 months the volume of sublease premises has increased 5-fold to 100,000 m².
- The volume of new construction in the last month has dropped to 150,000 m² (compared to about 210,000 m² in November). The most significant projects were Business Hall Classic (21,416 m² office rentable, developer - MIAN Development), one of the buildings of Mirland Business Park (9,772 m² office rentable, developer - MirLand Development), and the podium of the multifunctional complex Capital City (28,987 m² office rentable, developer - Capital Group).
- The total take-up for classes A and B reached its minimum in December and came to 26,000 m² This is typical for the end of the year.
- As a result we saw growth in the amount of vacant premises in all classes. The highest vacancy rate was noted in PRIME submarkets for class A offices: in December it grew by 5% and reached 22,5%, this is because of delivery of the podium of the multifunctional complex Capital City in the CTY submarket.