Over past 10 years 10 million sq m of offices was built in Moscow
Since 2007, two-thirds of the total volume of office space in the capital was built in the Moscow region.
According to Knight Frank LLP, the leading independent global property consultancy, from 2007 to 2016, 10,066 million square meters of offices was built in the Moscow region. Knight Frank estimates the total volume of office real estate in Moscow at 15 million square meters.
The altitude of office building in Moscow was seen in 2008, when the capital commissioned 1.83 million square meters of offices, say the experts of Knight Frank. After that, the pace of construction fell until 2012, when the market of new offices overcame the local bottom at 556.3 thousand square meters per year. After that, the market began to grow, and in 2014, analysts have recorded a new peak – 1.4 million square meters per year. At that moment, Moscow has commissioned 15 business centers Class A at once, among which were the OKO, Comcity, Eurasia, Lotus, Wodny and others, according to Knight Frank. As a result, only in 2014 offer of offices Class A in Moscow was supplemented by 50.7%, said the report of the company.
The current crisis in the Russian economy has led to a new fall in the Moscow office market. According to Knight Frank experts, in 2016 we will witness the anti-record in volume of new office space: by the end of December the capital will commission only 420 thousand square meters of new offices.
The Russian capital has lost to Milan and Vienna in terms of pace of office building, where the volume of office real estate market amounts to 10.3 and 10.8 million square meters respectively, said the press release. At the same time according to Knight Frank Moscow is ahead of Zurich with 9.4 million square meters of offices.