The share of vacant space in the office real estate market has decreased to the minimum over the past ten years, the highest demand is characterized by large blocks in high-quality business centers suitable for the placement of company headquarters.
Construction of new office buildings has slowed, including due to economic uncertainty and instability. This reduces the amount of new space entering the market. Often old buildings are repurposed for other purposes, such as residential real estate. It also reduces the volume of available office space, Elena Malinovskaya, Skolkovo Park rental director, explained to Invest-Foresight.
A further decrease in the share of vacant space is expected. Demand will remain high due to the return of employees to offices and the growth of the new economy, the expert predicts. The decrease in vacant space will stimulate rising rental prices. Companies will be looking for more flexible and adaptive workspace solutions, including co-working spaces, shared offices and flexible office space. The development of technology will affect the design and functionality of offices, including smart systems, remote solutions and digital platforms.
“The office real estate market in Russia is entering a new era characterized by tight supply and increased demand. Companies will have to adapt to changes in the market, look for more effective solutions for organizing the workspace and take into account the impact of new technologies,” Elena Malinovskaya sums up.