According to STONE analysts, there are now about 90 thousand sq. m. available for open sale on the Moscow office real estate market. m of high-quality space with a completion date of 2024, which is less than 20% of all class A facilities planned for commissioning this year. The demand for such facilities is generated mainly by end users, whose share in the total sales of STONE business centers reached 45% in 2023.
Premium business center STONE Leninsky
Premium business center STONE Leninsky
The main buyers of high-quality offices were state-owned companies, as well as the industrial and financial sectors. Steady economic growth last year allowed companies to move to long-term planning and business expansion. Although they are considering purchasing an office to house employees, companies today are also evaluating the economic attractiveness of the asset.
“Owning real estate emphasizes the stability of the business for clients and increases its attractiveness for investors and banks . In particular, due to sustainability, such companies can get a loan approved faster,” said Cristina Nedrea, director of commercial management at STONE.
Class A business center STONE Savelovskaya
Class business center A STONE Savelovskaya
According to STONE's calculations, large class A office blocks are now in high shortage — purchase volumes of 5 thousand sq. m. m within the boundaries of the Moscow Ring Road is possible only in four projects with readiness this year. As the results of last year showed, the demand for such space was especially high, which led to a washout of supply. In particular, in STONE projects, about 30% of the total volume sold were transactions on large blocks.
Analysts believe that the trend for the purchase of large areas will intensify in 2024 — there is a shortage of such supply in market will stimulate competition among buyers. It is worth noting that the shortage of large office blocks in high readiness is shifting demand towards objects under construction with a completion date of up to 2027.
Tower D business center as part of the premium office quarter STONE Towers
Tower D business center as part of the premium office quarter STONE Towers
“Today, when choosing a business center to accommodate a team, companies pay attention not only to the high stage of readiness, but and on the quality of the product, its location for effectively building business relationships, high-tech engineering solutions, as well as management standards. Choosing a facility at the active stage of construction will be more economically feasible, since with the increase in construction readiness the price per meter is systematically increasing,” noted Kristina Nedrya.
According to STONE, in February the average price of a square meter meter of office blocks in a class A business center at an early stage of construction is 390 thousand rubles. In facilities with a commissioning date of 2024, this figure reaches 464 thousand rubles.
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