New supply volume is gradually recovering from the minimum of 2018. In Q1-Q3 2019, 226,600 sq m of office space was commissioned, which is в 2.2 times more than at the same period in 2018 and higher at 70% for 2018 (133,300 sq m).
In spite of sensitive supply increase in Q3 2019, in January – September 2019 vacancy rate has reduced by 1 p.p. and amounted 10.3%. About half of the new supply was already pre-let or purchased for owner occupation at the end of construction.
In January-September 2019 take-up amounted 1.16 mln sq m, which is 20% more than the same period in 2018 and amounted the maximum value since 2008, has stable growth (20% in average pa) from 2015. It’s important to note that 45% of total take-up in 2019 was leased and bought in Q3 period.
In Q1-Q3 2019 the weighted average asking rental rate in Class A accounted 24,300RUB per sq m pa, in Class B – 14,200RUB per sq m pa. Asking rental rates decreased by 3% since 2019 due to supply structure change: expensive premises with a good location are leaving the market.