Investments sent to offices – Kommersant FM
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Moscow has recorded record demand for the purchase of offices. In the capital, almost 350 thousand square meters were purchased last year. m of such commercial real estate. This is the largest volume in this segment in the entire history of calculations, writes RBC, citing a study by Nikoliers. As market analysts note, the main buyers of offices are private and public corporations. Such transactions accounted for more than half of the total volume of acquired space.
At the same time, the largest purchase was made by the capital’s mayor’s office: in 2023, it acquired almost 50 thousand square meters. m in the iCity Time Tower skyscraper. In second place is VK. The technology corporation became the owner of more than 30 thousand “squares” in the SkyLight business center. What is the reason for the increased demand for the purchase of offices? NF Group partner Maria Zimina answered this question to Kommersant FM: “We are constantly surprised by this effect, but it must be divided into two parts. The big sales trend has emerged because offices have become a defensive asset that allows owners to be sure that their money stays with them.
These are the times now, it’s better to calmly have your own house, which won’t go anywhere – that’s the first thing. Secondly, the demand for rentals was extremely high, and it was very interesting because it was triggered by two things. Paradoxically, foreign companies came out and left absolutely stunning beautiful modern offices, which they unexpectedly left in a state in which we usually do not see them on the market. And this provoked a fairly large wave of demand. Plus the same import substitution, companies come out and sell to top management or Russian companies. And the new owner always starts with the office, he wants to change and improve something, and therefore a wave of changes also arose.”
According to analysts of the Moscow real estate market interviewed by Kommersant FM, buyers, when choosing an office, now pay special attention to the design of the premises. Workspaces in mansions with their own green area within the Garden Ring are also still popular. It is most profitable to invest in class A offices, notes managing partner of Ricci Alexey Bogdanov: “If the decision to invest in office real estate has already been made, despite the high key rate and high yields on bank deposits, then first of all, of course, It makes sense to invest in class “A” offices, in new offices that are built to the highest modern standards. They will be at the peak of their demand and liquidity for many years to come. Buy a new and modern office, which is located and is being built in an already developed business area with good transport accessibility and the potential for development of a specific location. This is the business area around the Belorusskaya metro station, Moscow City and its surroundings, Paveletsky Station.”
As Nikoliers notes, some investors who planned to invest in residential buildings refocused on offices. The profitability from their rental can reach 8-10% with a payback period of 10-12 years. Over the past two years, more new types of commercial properties with workspaces have appeared on the market, says Alexey Lazutin, CEO of the Brokerus consulting company: “Developers have introduced a new investment product to the market – small offices in sections from 50 sq. m. m. This did not happen. Previously, high-class business centers were built in Moscow, ranging from B, B+.
They were erected under general management, rented out by floors, furnished or unfinished, to large tenants in one way or another. It is difficult for a small investor to buy expensively equipped premises; he turned his attention to offices. There the entry threshold is lower, cheaper, easier. There are tenants for small office space. Typically, office space is offered for purchase in a new modern business center, most often without finishing, but located in some adequate location. Examples include the Ostankino business park. And then this investor, instead of renting out his premises to an alcohol market or Wildberries, he rents out an office.”
According to NF Group, last year the cost of renting office real estate remained almost unchanged. Class A properties are rented out at an average price of 26 thousand rubles. per sq. m.
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