Two business centres with a total area of 19,800 sq m (GLA) were commissioned in the second quarter of 2020 - the Nevsky 1 business centre and the third stage of construction of the Premier Liga business centre. In total, from January to June 2020, the office real estate market in St. Petersburg increased by 44,500 sq m, which is twice as much as in the first six months of 2019 and 2018.
The COVID-19 pandemic suspended business activity in Q2 2020, which affected the volume of office absorption. The decrease in demand and commissioning of new premises influenced the vacancy rate. The average share of vacant space at the end of Q2 was 6.7%, having increased over the quarter by 1.1 p. p.