Moscow offices continue to be vacant

Experts claim that the capital's office market continues to be reached crisis proportions, but the preconditions for recovery is still there. It is known that the financial crisis is particularly strong impact on this segment: demand is down, the owners were forced to cut rates, and new projects are frozen. Thus, according to data published an analytical review of research C & W / S & R, the demand of the banking sector and financial institutions to lease office space in Moscow from October 2008 to October 2009 decreased by 10 times. During the same period the total number of lease deals offices in the capital has decreased three-fold. As a result, last year in the capital city was empty for almost 20% of office real estate! In the first half of this year, finally showed the first signs of recovery. Builders began to unfreeze old projects and accepted as new. At the end of the first half of this year, the share of vacant space in business centers class A was 25%, Class B - 20-23%. In this case, the most free space is located in the objects that came to market in the past 1,5-2 years, according to BFM.ru. However, according to experts, the average level of vacant offices on the market is slightly different from the previous year (approximately 17-18%). Change the vacancy rate in the first half of the specialists, primarily associated with positive changes in the economy, as well as "to reduce unemployment and increase the turnover of retail trade." Now most in demand high-class facilities with a good location, however, even in high-quality business centers are filled area is much slower than we would like the owners, writes BFM.ru. According Praedium Oncor International, rents for offices vary depending on the location of the building. The range of average base rate for Class A offices are as follows: $ 800-1000 per square meter per year within the Garden Ring, $ 400-700 for the other districts of Moscow, and price bids in a segment of the class B - $ 400-600 per square. meter per year for facilities with a central location and $ 250-400 - for offices outside the city center. In this case, if we believe the results of research conducted by Jones Lang LaSalle, Moscow for the second quarter in 2010 ranked second among European cities in terms of growth of maximum rents for office space. So, since June 2009 hiring elite metropolitan offices went up by 14,3% to 653 euros per square meter. Analysts agree with such conclusions. In their view, price increases can be observed only in the segment of high-quality offices, and the prices of other real estate remained quite stable and their growth too early to say. In general, experts believe the market for a full recovery office segment will take approximately 6-9 months.