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MOSCOW, August 11. /TASS/. The office property market in Russia’s biggest city witnessed a downward trend in the first half of 2015 as the amount of new supply was estimated at 224,000 square meters representing a 60% drop year-on-year, Jones Lang LaSalle said in a report on Tuesday.
About half of deliveries in the period were located in decentralized areas, the report said.
By the end of the year, another 605,000 square meters are expected to enter the market bringing the amount of new supply for full year 2015 to 830,000 square meters, a 40% decrease compared with 2014. Over the longer term, new supply will tighten further as the construction cycle ends, JLL said.
The total volume of take-up for 1H 2015 was at 494,000 square meters, which was 5% lower compared to the same period last year. "Occupiers have actively been renegotiating the terms of the existing contracts with renewals and renegotiations of lease agreements comprising the majority of transactions in 1H," the report said.
By the end of June, the overall vacancy rate stood pretty much unchanged compared to the Q1 level of 17%. The vacancy rate in Class A decreased marginally to 27.4% from 27.6% seen at the end of Q1 2015. Rental costs stabilized over the last quarter with the level of rents standing unchanged quarter-on-quarter, JLL said.