“The growth is associated with the expectation of completion of construction of several large projects”

Kommersant FM columnist Svetlana Bardina talks about how things have changed
office supply on the market.

Almost 850 thousand sq. m of high-quality office real estate is announced for commissioning in 2024. But taking into account the fact that in a number of projects the delivery deadlines may be postponed, the final volume may be adjusted to 650 thousand square meters, Nikoliers experts predict. A significant share of the new office supply will probably not even be released to the open market, since more than half of this volume has already been contracted, or negotiations are underway on the terms of the deal.

However, even taking into account the likely adjustment of the developers’ plans, the final volume of commissioning may be almost 2.5 times higher than the results of 2023 and become a record for the last nine years. This growth, according to experts, is associated with the anticipation of the completion of construction of several large projects, which began several years ago.

The active washout of new supply from the market is due to high demand for the office format, which is expected to continue this year. According to brokers, the volume of demand at the end of 2023 increased by 30%, to 1.7 million square meters. Forecast for 2024: demand volume will be at 1.5 million sq. m. m. Now in the city there is a significant demand from potential tenants for lots with finishing in popular locations; vacancies in this sector are rapidly declining; the demand for options within the Third Transport Ring still prevails in the office market of the capital.