Offices — “the lame duck” of the commercial real estate market of Moscow and St. Petersburg. This interpretation was given by experts of NAI Becar, analyzing the investment attractiveness of the format.
During the year the volume of new office space in both capitals has declined by 35 percent, the vacancy rate increased by 14 per cent, rental rates decreased 5 percent. However, in the long run, some members of the “lame duck” is able to spread its “wings”, because the prices of sale and rent at the moment reached a minimum value, and hence the value of the assets will pay off faster.
Brokers do not exclude that by the end of 2016 due to low input and low yield in the category of “lame ducks” go and retail space.
Previously, experts CBRE noted that in the first quarter of this year in Moscow recorded a record low of new office space. The market went only one object with an area of 28.2 thousand square meters (as part of an office complex Nagatino iLand). In the segment of Prime office properties vacancy is 25.7 percent. The rental rates for class A space remained at the end of 2015 and are in the range of 19-25 thousand rubles per square meter per year.
