The autumn market activity after the spring and summer lockdown could not fully restore transaction indicators: the total take-up volume in 2020 showed the lowest result over the past four years.
Companies are reducing occupied spaces and optimising offices, which led to an increase in the vacancy rate by 3 p.p. for the last year: from 5.6% to 8.2%. The additional availability is formed from subleases, that added approximately 1 pp to the total vacancy rate in the office market. However, this indicator may go higher value due to the lack of market transparency.
At the beginning of the last year, we expected the commissioning of 360,000 sq m by the end of 2020. However, the market was replenished by only 224,000 sq m. Half of the new supply was completed in Q4 2020.
The total volume of demand over the past year was 1,016,000 sq m, which is 37% lower than the indicator for 2019 (1,621,000 sq m).