In 2019, the office real estate market in St. Petersburg reached 3.4 million sq m. During the year, 18 business centers were delivered to the market with a total area of 129,700 sq m (GLA), two-thirds of which were commissioned in Q4. The majority of the increase in space (83%) was formed by Class B projects. Office development in the past year was characterised mainly by speculative projects, which accounted for 96% of new supply (124,500 sq m), whereas in 2018 this indicator was at a minimum level (11%, or 23,000 sq m).
