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Q1 2020| Russia | St.Petersburg | Office Market

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In January–March 2020, total supply in the office real estate market in St. Petersburg reached 3.39 million sq m. Three business centres were commissioned with a total area of 24,650 sq m (GLA). This increase amounted to less than 1% of the existing market stock. Nevertheless, it was the highest first-quarter growth during the last four years. The total net office absorption over the first three months of 2020 was 19,200 sq m, a decrease of one third compared to the same period last year. The decline in tenant activity was caused by the restrictive measures introduced to curb the spread of coronavirus throughout the world: cancellation or rescheduling of business trips and meetings, postponing decisions on moving office, optimisation of rental budgets etc.


Q1 2020| Russia | St.Petersburg | Office Market

Download Report