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5-year record of office space commissioned was broken in Saint Petersburg

216 000 sq. m. of high-quality office premises were put into commission to Saint Petersburg market in 2013, which amounted to 12% of turnover. Since 2008 this was a record point, when 408 000 sq. m. of new premises were put into commission in this segment. In 2014 market growth rates will remain high as before. It is expected to put into commission 155 000 sq. m. of office premises.

According to the data of ASTERA an alliance member of BNP Paribas Real Estate, 18 objects were completed on Saint Petersburg market for the last year, including some significant projects, such as “Nevskaya Ratusha” where Saint Petersburg administration and also the first office skyscraper in the city “Leader Tower” are planned to be located. More than 60% of the total commissioned space is referred to Class A premises.

Dynamics of gross leasable area of Class A and B offices

Source: ASTERA an alliance member of BNP Paribas Real Estate

Significant volume of commission will definitely lead to the growth of vacancy rate. Nevertheless, according to ASTERA analytics’ forecasts, this will not affect rental rates. Vacancy share had been growing during 2013 and in the second half of the year it reached 12% in Class A and 8% in Class B premises.

The full "Office market review: the results of 2013, St. Petersburg" is available in "Market research" section.