12.02.10
CB Richard Ellis prepared a new Moscow Offices MarketView report as of year end 2009.According to our report, in the year end 2009 Moscow office rental rates fell in average by 50% from the peaks of Q2 2008.
By the end of 2009, Moscow office stock had reached almost 11 mln sq m.
The report reflected that one notable feature of 2009 was an increase in the Class A share of newly delivered stock. While in 2008 204,000 sq m of Class A properties was delivered to the market (11% of total annual delivery), in 2009 363,000 sq m of Class A projects (23%) was delivered.
The volume of deals transacted on the market during 2009 reached almost 1.4 mln sq m - a 23% drop compared with 2008 which saw 1.8 mln sq m of deals. It should be pointed out that only new leases and end-user purchases are taken into consideration: renegotiations are excluded.
