Moscow office space buy/sell, leasing deals may hit 2 mln sq m mark by year-end — study
Russian businesses are proactively expanding their footprint across the domestic market by occupying lucrative market niches left vacant following the exit of foreign companies, the study indicates
MOSCOW, December 12. /TASS/. The total volume of office space purchased or leased in Moscow by year-end 2023 may reach up to 2 mln square meters, real estate consultancy CORE.XP said in a research report.
"By the year-end, according to a preliminary estimate, the figure for new lease and purchase-and-sale deals may reach 1.8-2.0 mln sq m, which may represent the peak value," the firm’s analysts forecast.
According to the study, the volume of new lease and purchase-and-sale deals climbed by 20% above the prior-year results in 1Q-3Q 2023 to reach 1.4 mln sq m. This figure represents the record-high level for the 1Q-3Q period in historical market data for the entire past decade, CORE.XP said.
Russian businesses are proactively expanding their footprint across the domestic market by occupying lucrative market niches left vacant following the exit of foreign companies, the study indicates.