Moscow authorities closed the largest deal in the office market in six years
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The largest sale and purchase deal on the office market over the past six years was closed by the Moscow City Hall. The city purchased a building with an area of 47 thousand square meters. m in the iCity complex under construction near Moscow City, the cost of which is estimated at 18.8 billion rubles. There is no finished office real estate of this size on the Moscow market, and the purchase of an object under construction simplifies the planning process, consultants say.
The Moscow Mayor’s Office has closed a deal to purchase a building with an area of 47,000 sq. m. m of the iCity office complex under construction next to Moscow City, two sources in the real estate market told Kommersant. The head of the city property department of the capital, Maxim Gaman, confirmed to Kommersant that the city acquired about 50 thousand square meters. m in iCity. According to him, the purchase is connected with the optimization of the work of city structures that will move to iCity, and an increase in the efficiency of interaction between departments. The developer of the complex MR Group “refutes the information.”
The capital’s mayor’s office has been accumulating employees in Moscow City for several years now. In 2016, the authorities purchased 51 thousand square meters in the OKO tower. m, which now houses the departments of trade and services, city property and others. Due to the release of offices in different parts of the city, a reduction in space by 36% and a reduction in the cost of their operation and maintenance, budget funds were saved, says Maxim Gaman.
In addition, in 2020, the Moscow Information Technology Department rented 6,000 sq. m. m in the tower “Empire” (see “Kommersant” dated December 22, 2020). And in 2021, Central Fuel Company JSC, controlled by the mayor’s office, bought apartments with an area of 1.6 thousand square meters. m on the 93rd and 94th floors of the Federation Tower for 1.3 billion rubles. with VAT, wrote RBC. Experts then assumed that the mayor’s office would use these areas for representative purposes.
The purchase of space in iCity by the Moscow City Hall is the largest sale and purchase transaction in the office market over the past six years, says director of sales and acquisitions at Ricci | Offices” Dmitry Antonov. The previous record, according to him, belonged to the state company Dom.RF, which at the end of 2017 bought 74 thousand square meters. m in the “IQ-quarter” in “Moscow City”. According to Mr. Antonov, taking into account the large area of 47 thousand sq. m. m in iCity can cost 16.4-18.8 billion rubles. based on 350-400 thousand rubles. for 1 sq. m. “But this deal could be concluded on individual terms,” Dmitry Antonov points out.
The purchase of a building under construction in iCity for the Moscow City Hall looks logical, since the volume of finished office real estate required by the buyer is practically non-existent on the market, notes Nellya Imametdinova, director of the Praedium office real estate department. And the purchase of a building at the construction stage is much cheaper than buying a finished object, she adds. In the new building, Ms. Imametdinova continues, there is an opportunity to fully implement your project, from finishing to space planning, and ready-made offices require changes in planning decisions, which greatly complicates the process.
Of the facilities under construction in the Moscow City area, only the Moscow Tower remained, where more than 220,000 sq. m from the total office space of 256 thousand sq. m. m claims JSC Russian Railways (see “Kommersant” of March 7). In general, the Moscow City cluster remains popular with tenants. At the end of 2022, the share of vacant office space in this area was only 5.2%, according to Nikoliers. And the total vacancy in class A business centers throughout Moscow reached 13%, the NF Group specified.
This year, the office real estate market began to recover. According to the results of January-June 2023, the volume of transactions for the lease and purchase of premises increased by 62% year-on-year, to 915 thousand square meters. m, which was a record for this period, mainly due to the demand of the IT sector and government agencies. With the closing of large transactions, which are now at the stage of negotiations, the figure may reach 1.9 million square meters. m (see “Kommersant” dated July 14).
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