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Demand for office space in Moscow dropped by 24% in 2014, reaching 5-year lows — research

January 28, 2015, 21:04 UTC+3 MOSCOW
Moscow office market remains hostage on the ongoing economic turmoil, the company said
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© Mikhail Japaridze/TASS

MOSCOW, January 28. /TASS/. The demand for office space in Russia’s biggest city in 2014 was estimated at 1.1 million square meters, which was a 24% drop year-on-year and turned out to be the lowest amount of annual take-up volumes seen in the past five years, Jones Lang La Salle (JLL) property consultancy reported on Wednesday.

Moscow office market remains hostage on the ongoing economic turmoil, the company said. "The structure of demand has noticeably changed with the share of renewals and renegotiations comprising 40% of the total amount of deals in 2014 from 20% seen in 2013," analysts at JLL reported.

Changes in the macro environment, such as the expected fall in GDP and the persistent high volatility of the rouble, will be the main factors affecting demand for office space this year. With the expected 4-6% fall in GDP in 2015 the volumes of take-up are estimated to be close to 700-800 thousands square meters (a 25-30% decrease), which is comparable to the levels seen in 2009, JLL said.

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