Figures

Moscow Office Market, 4Q 2021

February 8, 2022

In Q4 2021, five office centers were commissioned with a total office floor space of 91,014 sq m. Notwithstanding the lower quarterly figure in 2021 compared to 2020 (109,000 sq m), the annual completion was twice higher in 2021 than in 2020.
Low speculative construction activity and rising demand determine the decrease in the available supply on the market. At the end of 2021, the vacancy rate was 7.7% of the total existing supply.
In Q4 2021, the take-up remained unchanged compared to Q3 and amounted to 503,000 sq m.
Demand is recovering at a faster pace than expected. By the end of 2021, new transactions with leased and purchased office space reached 1.6 million sq m, which is 26% higher than in 2020 and 9% lower than in 2019.