In 2020, the office real estate market in St. Petersburg grew by 137,000 sq m (GLA) to reach 3.7 million sq m. The supply of new space was mainly represented by Class A properties - 75% or about 100,000 sq m. Four A-Class business centres entered the market: Avenue Page (4,000 sq m), Nevsky 1 (5,000 sq m), House 12 as part of the New Holland multifunctional complex (11,320 sq m) and the second stage of the business complex Lakhta Centre (80,000 sq m), which comprise 60% of the total supply delivered since the beginning of the year.
The current market situation has adjusted the volumes of new speculative space. Instead of the previously predicted 107,000 sq m of new speculative space that was supposed to enter the rental market, in fact only 57,000 sq m were commissioned. Many developers of large-scale office properties decided to postpone the commissioning date to 2021. They preferred not to commission office space without preliminary lease agreements for part of the space.