In H1 2017, in the St. Petersburg office real estate market the downward trend in new completions continued. The total volume of new supply amounted to 28.8 thousand sq m, which is more than five times lower than in the same period last year. The total volume of transactions and net absorption in H1 2017 decreased due to moderate activity in terms of the expansion of oil and gas companies in St. Petersburg. The upward trend in rental rents continued. Over 12 month Class A average rate increased by 12%, in Class B – 8%.