The commissioning of offices in Moscow in 2024 may update the ten-year record
[ad_1]
The increased demand for offices in Moscow last year has returned optimism to developers of such properties. In 2024, the volume of real estate commissioning in this segment will set a new record since 2014, and with the implementation of all announced projects, it may increase fourfold, to 1.23 million sq. m. m. But already this year, the activity of office tenants and buyers may decline, and the commissioning of such real estate will return to standard values from 2025, consultants say.
The volume of new office real estate commissioned in Moscow in 2024 may increase to 1.23 million from 283 thousand square meters. m last year, calculated at Ricci. As consultants clarify, this figure includes the implementation of all projects announced by developers, but the actual commissioning may be lower – 750 thousand square meters. m. NF Group expects 708 thousand sq. m. m of new office buildings, in IBC Real Estate – 743 thousand sq. m. m, in Nikoliers – 636 thousand sq. m. m, in CMWP – 585 thousand sq. m. m. But in any case, the commissioning of offices will update the record of 2014, when 1.28 million square meters were built in the city. m of such real estate, Ricci clarified.
The increase in commissioning volume is partly due to the completion of previously postponed projects. In 2022, some developers pushed back construction completion dates due to unstable demand, notes partner Ricci | Offices” Dmitry Zhidkov. And the increase in the volume of transactions in 2023, in particular due to pent-up demand, according to him, has inspired optimism among developers. Last year, the total area of purchased and leased offices in Moscow increased by 81% year-on-year, to 2 million sq. m. m, calculated by IBC Real Estate.
Pioneer Analytics Director Ekaterina Petrova says that tenants and buyers have adapted to new conditions after 2022 and are ready to expand office space. Deputy Director of the Nikoliers office real estate department Victoria Goryacheva recalls that in 2023 the main demand for offices was provided by government agencies and state-owned companies. Hutton junior partner Denis Filippov adds that companies primarily focus on facilities under construction. Due to the low volume of new construction over the past five years, the bulk of existing business centers are already obsolete, he points out.
A significant increase in the volume of new office supply will ensure the completion of large projects in the Moscow City business cluster – Moscow Towers and iCity with a total area of about 400 thousand sq. m. m, says Ekaterina Belova, head of the office space department at IBC Real Estate. Also in 2024, the completion of construction of the Yandex headquarters with a total area of 262 thousand square meters is expected. m.
In addition, more and more companies are returning to long-term planning by purchasing offices as their own, adds Kristina Nedrea, director of commercial management at Stone. Developers have also adapted to this. According to Dmitry Zhidkov, 2024 will be the first year in the office market when the bulk of the built business centers will be sold rather than leased. According to NF Group estimates, 62% of the projected commissioning will be offered for sale in a sales format, 6% in a rental format, and 32% will be projects for the customer or sold as a single lot before commissioning.
Ekaterina Belova warns that in 2024 the area of purchased and leased offices in Moscow will decrease to 1.7 million square meters. m due to tightening monetary policy and slowing business activity. The head of the research and analytics department at CMWP, Polina Afanasyeva, does not expect the initiation of new large office transactions in the first half of 2024. Developers, given the high key rate, are also more likely to focus on completing current projects, Ms. Belova believes. According to Denis Bobkov, Head of Marketing and Analytics at Asterus, starting from 2025, the commissioning of offices in Moscow will be at the level of 400–600 thousand sq. m. m per year.
[ad_2]
Source link
