Volume of office space on Moscow market holds steady
Projects of office buildings with a total area of more than 1.5 million square meters have been approved by Urban Planning and Land Commission (GZK) of Moscow in the first half of the year. This was told by Konstantin Timofeev, Chairman of Moskomstroyinvest (Moscow Committee for Realization of Construction Investment Projects and Co-Investment Agreements).
“Office real estate on the Moscow market keeps on the same level. Construction projects account for more than 15% of all projects that have been approved by GZK,”- Konstantin Timofeev said.
Since January to July the Urban Planning and Land Commission approved office construction projects for nearly 10 million square meters. Of these, more than 6 million “squares” is reserved for the housing area.
In 5 years, the Commission has approved construction projects for 118 million square meters.