Overview of commercial real estate. Sales prices of offices in the capital
In August 2017, 2,766 commercial real estate properties with a total area of \u200b\u200b1,461 thousand square meters were offered for rent. m. The volume of supply per month in terms of quantity increased by 5%, and in the total area - by 10%.
The average rental rate for the month decreased by 4% and amounted to 17,295 rubles / sq. m / year. The dollar exchange rate in August did not change, therefore, in dollar terms, the rate also decreased by 4% and amounted to $ 290 / sq.m / year. For the year since August 2016, ruble rates have not changed, and dollar rates have decreased by 8%.
Growth in supply and a decrease in rental rates in August are moderate, which is typical for the summer period. Macroeconomic and other factors for a significant change in the market for commercial real estate are currently missing.
The leader in terms of supply is traditionally office space, whose share in terms of area is 48%. Next come production and storage (42%) and retail premises (10%).
Retail property
In August 2017, 559 objects with a total area of \u200b\u200b155 thousand square meters were exhibited on the market. m. Compared with the previous month, the number of exhibited shopping facilities increased by 1%, and the total area - by 5%.
Of these objects in the center were exhibited 35 objects with a total area of \u200b\u200b8 thousand square meters. m, which is lower than in July by 10% in number and 29% in total area. The average asking rental rate for these facilities for the month decreased by 5% and amounted to 58 973 rubles / sq. m / year, while the rates for long-exhibiting objects practically did not change. The rental rate was reduced, in particular, due to the departure in July of two expensive facilities - on Old Gai St. (270 sq.m, 119,000 rubles / sq.m / year) and st. Tverskaya (173 sq.m, 131,261 rubles / sq.m / year).
The number of retail properties offered for rent outside the center in August 2017 increased by 2%, and their total area - by 8%. The supply volume amounted to 524 objects with a total area of \u200b\u200b147 thousand square meters. m. The average monthly rate decreased by 8% and amounted to 26,671 rubles / sq. m / year,
According to the level of change in rates for the month, the difference between the objects in the center and beyond is not significant, but in the medium term the demand for premises in the center is higher.
| Trading inside the UK | number | The total gap, mln ₽ | Total area, thousand square meters m | Average area, thousand square meters m | Average rate, ₽ / sq. m / year | Value | 29 | 394 | 6,937 | 0,239 | 63 215 |
|---|---|---|---|---|---|
| By July 2017 | -12% | -16% | -29% | -20% | +3% | By August 2016 | -33% | -2% | -15% | +26% | +18% |
Office property
In August 2017, the volume of supply of office facilities for rent, both in quantity and in total area, increased by 2% and amounted to 1,623 objects with a total area of \u200b\u200b698 thousand square meters. m
Over the month, the number of office facilities in the center grew by 8%, but the total area has not changed. The average rental rate increased by 1% and amounted to 24 751 rubles / sq. M / year.
The supply of office space outside the Garden Ring in terms of number and total area increased by 2%, while the average rate increased by 1% and amounted to 15,896 rubles / sq. M / year.
The change in office real estate rates both in the center and beyond continues to be insignificant, which reflects low business activity, including with the summer period.
RRG conducted a study of the commercial real estate market in the capital region in the third quarter of 2017. Information for the study was obtained from more than 30 specialized and thematic sources devoted to the commercial real estate market in Moscow. Among the sources are electronic real estate databases, print and electronic media, real estate agencies and consulting companies.
As objects for researching the commercial real estate sales market, office, production and warehouse premises (PSP) and free commercial premises (PSN) worth over 36 million rubles, as well as retail premises worth over 26 million rubles or premises with a total area of \u200b\u200bat least 100 sqm m
As objects for researching the commercial real estate rental market, objects offered in open sources were selected - retail, office, industrial and warehouse premises (PSP) with a total area of \u200b\u200bat least 50 square meters. m
The volume of offers of real estate in both segments - sale and lease - decreased.
Sale
Market as a whole
Volume of offer
In the 3rd quarter In 2017, the supply volume decreased by 1% in terms of quantity and by 4% in terms of total area. For the year, compared with 3 square. 2016, the supply volume decreased by 5% in terms of quantity and decreased by 28% in terms of total area.
In total, in the 3rd quarter, 2,164 objects were put up for sale with a total area of \u200b\u200b2,960 thousand square meters.
Price indicators
Weighted average price of 3 square meters. 2017 decreased by 1% and amounted to 176,936 rubles / sq.m. Considering that the dollar exchange rate for the quarter increased by 3%, and decreased by 9% over the year, the price in dollar terms for the quarter increased by 2%, and during the year decreased by 19% to $ 2,998 / sq.m. The total value of commercial real estate for the quarter decreased by 5%, and for the year - by 35% and amounted to 523 billion rubles.
Lower prices both in rubles and dollars per year indicate a decrease in demand. At the same time, a decrease in the supply of free space, their withdrawal from the market gives hope that a new equilibrium point in the market will be found soon.
| All segments | number | Total cost, million rubles | Total area, thousand sq. M. | Average area, thousand square meters | |
| value | 2 164 | 523 699 | 2 960 | 1,37 | 176 936 |
| Q2 2017 | − 1% | − 5% | − 4% | − 3% | − 1% |
| to III quarter 2016 | − 5% | − 35% | − 28% | − 24% | − 10% |
Volume of offer
The supply volume for the total area in the 3rd quarter compared to the second for retail real estate decreased by 14%, for office - by 5%, for industrial and warehouse premises - by 5%, and for free premises - increased by 14%.
The supply volume for the total area for the year compared to 3 square meters. 2016, for retail real estate decreased by 29%, for office real estate - by 35%, for production and warehouse - increased by 17%, and for free premises decreased by 35%.
The structure of segments by area has undergone changes. The share of office facilities amounted to 59%. Next come the free premises (21%), production and storage (13%) and retail premises (7%).
Price indicators
For the 3rd quarter of 2017, the price of commercial real estate increased by 2% to 245 510 rubles / sq. M., For office property decreased by 4% and amounted to 202 521 rubles / sq. M., For production and storage, it increased by 4% and amounted to 63,439 rubles / sq.m, and for free premises - by 5% up to 210,068 rubles / sq.m.
Compared to the 3rd quarter of 2016, the average weighted price decreased by 9% for retail, 4% for office, 17% for industrial and warehouse real estate and increased by 1% for free premises.
The only segment where prices decreased in the 3rd quarter of 2017 was office real estate, however, the price increase for the remaining segments was insignificant, and for the year prices decreased for all segments except production and storage facilities.
| Shopping | number | Total cost, million rubles | Total area, thousand sq. M. | Average area, thousand square meters | Weighted average price, rubles / sq.m |
| value | 348 | 45 738 | 186 | 0,54 | 245 510 |
| Q2 2017 | − 15% | − 12% | − 14% | + 1% | + 2% |
| to III quarter 2016 | − 7% | − 35% | − 29% | − 23% | − 9% |
| Office | number | Total cost, million rubles | Total area, thousand sq. M. | Average area, thousand square meters | Weighted average price, rubles / sq.m |
| value | 1 341 | 347 182 | 1 714 | 1,28 | 202 521 |
| Q2 2017 | + 4% | − 9% | − 5% | − 9% | − 4% |
| to III quarter 2016 | − 3% | − 38% | − 35% | − 33% | − 4% |
| PSP | number | Total cost, million rubles | Total area, thousand sq. M. | Average area, thousand square meters | Weighted average price, rubles / sq.m |
| Value | 160 | 39 688 | 626 | 3,91 | 63 439 |
| Q2 2017 | − 18% | − 2% | − 5% | + 16% | + 4% |
| to III quarter 2016 | − 15% | − 3% | + 17% | + 38% | − 17% |
| PSN | number | Total cost, million rubles | Total area, thousand sq. M. | Average area, thousand square meters | Weighted average price, rubles / sq.m |
| value | 315 | 91 091 | 434 | 1,38 | 210 068 |
| Q2 2017 | + 11% | + 20% | + 14% | + 2% | + 5% |
| to III quarter 2016 | − 4% | − 35% | − 35% | − 32% | + 1% |
Retail property
Volume of offer
In the 3rd quarter, 348 retail facilities were exhibited with a total area of \u200b\u200b186 thousand square meters, of which 32 objects were located inside the Garden Ring and 316 objects outside it.
Over the quarter, the supply volume of shopping facilities in the center decreased by 9% in number, but did not change in terms of total area. The supply volume of retail facilities outside the center in terms of quantity decreased by 16% and by 15% in the total area.
Price indicators
The weighted average price for shopping facilities in the center for the 3rd quarter of 2017 decreased by 16% and amounted to 824,912 rubles / sq.m, which was due to the end of the exposure in the 2nd quarter of a large and cheap facility on Khoromny per. (2586 sq.m, 2,200,000 rubles / sq.m), as well as access to the market for cheap objects on Raushskaya emb. (398 sq.m, 282 518 rubles / sq.m), Tolmachevsky per. (680 sq.m, 262,500 rubles / sq.m), Barracks per. (720 sq.m, 305 556 rubles / sq.m).
The weighted average price for retail premises outside the center increased by 4% to 219,283 rubles / sq.m. The price increase was due to the entry into the market in the 3rd quarter of an expensive shopping facility at Ryazan Ave (9,747 sq. M., 359,064 rubles / sq. M.).
Despite the fact that prices for premises in the center have decreased over the quarter, and outside, on the contrary, have risen, the situation is opposite over the year, so in the medium term we can say that the demand for premises in the center is higher, but until recently such premises were somewhat overrated.
| Shopping | number | Total cost, million rubles | Total area, thousand sq. M. | Average area, thousand square meters | Weighted average price, rubles / sq.m |
| value | 348 | 45 738 | 186 | 0,54 | 245 510 |
| Q2 2017 | − 15% | − 12% | − 14% | + 1% | + 2% |
| to III quarter 2016 | − 7% | − 35% | − 29% | − 23% | − 9% |
| Trading inside the UK | number | Total cost, million rubles | Total area, thousand sq. M. | Average area, thousand square meters | Weighted average price, rubles / sq.m |
| value | 32 | 6 655 | 8 | 0,25 | 824 912 |
| Q2 2017 | − 9% | − 16% | 0% | + 9% | − 16% |
| to III quarter 2016 | − 22% | − 41% | − 48% | − 33% | + 14% |
| Shopping outside SK | number | Total cost, million rubles | Total area, thousand sq. M. | Average area, thousand square meters | Weighted average price, rubles / sq.m |
| value | 316 | 39 083 | 178 | 0,56 | 219 283 |
| Q2 2017 | − 16% | − 12% | − 15% | + 1% | + 4% |
| to III quarter 2016 | − 5% | − 34% | − 27% | − 24% | − 9% |
Street-retail
Volume of offer
In the 3rd quarter of 2017, 107 street-retail objects with a total area of \u200b\u200b29 thousand square meters were put up for sale, of which 10 objects were inside the Garden Ring and 97 objects outside it.
The volume of supply of shopping facilities in the center in terms of quantity decreased by 9%, and the total area - by 10%. The supply volume for retail outlets outside the center decreased by 14% in quantity, and by 20% in the total area.
Price indicators
The weighted average price for street-retail facilities in the center increased by 8% to 960,183 rubles / sq.m, while the price for old facilities decreased by 10%. The price increase was due to the entry into the market of an expensive facility at M.Kozikhinsky per. (100 sq.m, 1 459 550 rubles / sq.m).
Outside the center, the weighted average price increased by 2% and amounted to 275 718 rubles / sq.m, which was due to a 5% increase in prices for objects that have been exhibited for a long time.
| Street-retail | number | Total cost, million rubles | Total area, thousand m2 | Average area, thousand m2 | |
| value | 107 | 9 934 | 29 | 0,27 | 343 396 |
| Q2 2017 | − 14% | − 15% | − 19% | − 6% | + 5% |
| to III quarter 2016 | + 1% | − 22% | − 2% | − 3% | − 21% |
| Street-retail inside the UK | number | Total cost, million rubles | Total area, thousand m2 | Average area, thousand m2 | Weighted average price, rub / m2 |
| value | 10 | 2 747 | 3 | 0,29 | 960 183 |
| Q2 2017 | − 9% | − 3% | − 10% | − 1% | + 8% |
| to III quarter 2016 | − 41% | − 42% | − 38% | + 6% | − 7% |
| Street-retail outside the UK | number | Total cost, million rubles | Total area, thousand m2 | Average area, thousand m2 | Weighted average price, rub / m2 |
| value | 97 | 7 188 | 26 | 0,27 | 275 718 |
| Q2 2017 | − 14% | − 18% | − 20% | − 6% | + 2% |
| to III quarter 2016 | + 9% | − 10% | + 5% | − 4% | − 15% |
Rent
Market as a whole
Volume of offer
The volume of supply on the rental market in 3 square meters. 2017 decreased by 7% in number and by 10% in total area. In general, over 4 quarters the supply volume by quantity increased by 19%, and by the total area - by 3%.
A total of 4,452 objects with a total area of \u200b\u200b2,260 thousand square meters were exhibited in the 3rd quarter.
Price indicators
The average rate for both the quarter and the last 4 quarters decreased by 3% and amounted to 17 969 rubles / sq. M / year. Considering that the dollar exchange rate for the third quarter grew by 3%, the price in dollar terms for the quarter did not change and amounted to $ 304 / sq.m / year. The annual rent for the quarter decreased by 12% and amounted to 32.4 billion rubles.
The decrease in the average rental rate both in dollars and in rubles for the year indicates that negative factors in the real estate market so far prevail.
| All segments | number | The total gap, million rubles. | Total area, thousand sq. M. | Average area, thousand square meters | |
| value | 4 452 | 32 416 | 2 260 | 0,51 | 17 969 |
| Q2 2017 | − 7% | − 13% | − 10% | − 3% | − 3% |
| to III quarter 2016 | + 19% | − 0% | + 3% | − 13% | − 3% |
Benchmarking by segment
Volume of offer
The supply volume for the total area for the 3rd quarter of 2017 relative to the second decreased by 19% for retail, 11% for office and 4% for industrial and warehouse real estate.
The supply volume for the total area for the year of retail real estate decreased by 5%, for office - by 4%, and industrial and warehouse real estate - increased by 17%.
Office space remains the leader in terms of total floor space, with a 50% share. Next come the production and storage (38%) and retail premises (12%).
Price indicators
The average rental rate for the 3rd quarter of 2017 for commercial real estate decreased by 2% and amounted to 30,808 rubles / sq.m / year, for office real estate - also decreased by 2% to 17,327 rubles / sq.m. and for production and storage - it grew by 2% and amounted to 6,656 rubles / sq. m / year.
Compared to the 3rd quarter of 2016, the change in the rental rate was -3% for trade, + 1% for office, and the rate for industrial and warehouse real estate did not change.
The change in rates both for a quarter and a year continues to remain insignificant, which is typical for the stage of market stagnation.
| Shopping | number | The total gap, million rubles. | Total area, thousand sq. M. | Average area, thousand square meters | Average rate, rubles / sq.m / year |
| value | 922 | 6 660 | 254 | 0,28 | 30 808 |
| Q2 2017 | − 10% | − 17% | − 19% | − 10% | − 2% |
| to III quarter 2016 | + 11% | − 3% | − 5% | − 14% | − 3% |
| Office | number | The total gap, million rubles. | Total area, thousand sq. M. | Average area, thousand square meters | Average rate, rubles / sq.m / year |
| value | 2 633 | 19 984 | 1 090 | 0,41 | 17 327 |
| Q2 2017 | − 7% | − 14% | − 11% | − 4% | − 2% |
| to III quarter 2016 | + 18% | − 3% | − 4% | − 19% | + 1% |
| PSP | number | The total gap, million rubles. | Total area, thousand sq. M. | Average area, thousand square meters | Average rate, rubles / sq.m / year |
| Value | 897 | 5 772 | 916 | 1,02 | 6 656 |
| Q2 2017 | − 2% | − 3% | − 4% | − 3% | + 2% |
| to III quarter 2016 | + 31% | + 15% | + 17% | − 11% | 0% |
Retail property
Volume of offer
The volume of supply of retail real estate in the 3rd quarter decreased by 10% in quantity, and decreased by 19% in the total area. The supply volume for the year increased by 11% in quantity, and in the total area decreased by 5%.
In total, 922 objects with an area of \u200b\u200b254 thousand square meters were exhibited in the 3rd quarter, of which 51 objects - in the center and 871 premises - outside.
The supply volume for the total area in the 3rd quarter decreased by 18% in the center and by 19% outside.
Price indicators
The average rental rate for shopping facilities within the Garden Ring is 3 square meters. 2017 decreased by 1% and amounted to 58 889 rubles / sq. M / year.
The average rental rate for shopping facilities outside the Garden Ring has not changed and amounted to 29,164 rubles / sq. M / year.
The insignificance of the change in rates for retail facilities indicates stagnation in the market in the context of a decrease in the supply volume.
| Trading inside the UK | number | The total gap, million rubles. | Total area, thousand sq. M. | Average area, thousand square meters | Average rate, rubles / sq.m / year |
| value | 51 | 658 | 13 | 0,26 | 58 889 |
| Q2 2017 | − 30% | − 24% | − 18% | + 17% | − 1% |
| to III quarter 2016 | − 39% | − 29% | − 26% | + 22% | − 3% |
| Shopping outside SK | number | The total gap, million rubles. | Total area, thousand sq. M. | Average area, thousand square meters | Average rate, rubles / sq.m / year |
| value | 871 | 6 001 | 241 | 0,28 | 29 164 |
| Q2 2017 | − 9% | − 17% | − 19% | − 11% | 0% |
| to III quarter 2016 | + 16% | + 1% | − 3% | − 17% | + 2% |
Street-retail
Volume of offer
The volume of supply of street-retail format properties in the 3rd quarter of 2017 decreased by 10% in number and 19% in total area. Over the year, the supply volume by quantity increased by 13%, and by total area - by 4%. A total of 353 objects with an area of \u200b\u200b76 thousand square meters were exhibited in the 3rd quarter, of which 17 were offered in the center and 336 objects outside.
| Street-retail inside the UK | number | The total gap, million rubles. | Total area, thousand m2 | Average area, thousand m2 | Average rate, rubles / sq.m / year |
| value | 17 | 255 | 5 | 0,29 | 67 263 |
| Q2 2017 | − 32% | − 28% | − 6% | + 38% | − 13% |
| to III quarter 2016 | − 51% | − 38% | − 29% | + 47% | − 3% |
| Street-retail outside the UK | number | The total gap, million rubles. | Total area, thousand m2 | Average area, thousand m2 | Average rate, rubles / sq.m / year |
| value | 336 | 2 097 | 71 | 0,21 | 33 343 |
| Q2 2017 | − 9% | − 19% | − 20% | − 12% | − 2% |
| to III quarter 2016 | + 21% | + 9% | + 8% | − 11% | − 3% |
Analysts at Colliers International conducted a study of the commercial real estate market in Moscow and identified key trends in the office market.
Offer in the office market of the capital
The volume of the existing proposal for the third quarter amounted to 17.23 million square meters, of which 3.96 million square meters - class “A”. In the III quarter, the market replenished 75,000 square meters, which is almost 3.5 times more than in the first half of the year. Two of the four objects appearing belong to the class “A”, the rest - to the segment “B +” / “B-”. At the same time, from the beginning of the year, the volume of commissioning turned out to be a record low (95,000 sq. M.) Value of office supply for the first three quarters of the year over the past five years.
In fact, the final growth rate will depend on the commissioning of two towers as part of Moscow-City MIBC, as they form 70% of the input volume planned before the end of the year.
In the case of receiving documentation on commissioning for all objects declared before the end of 2017, the total annual increase may reach 450-465 thousand sq.m.
Demand for offices in Moscow
Despite the weakly active first half of the year, the dynamics and quality of transactions in the III quarter suggest a revival of demand.
In the first three quarters, the total volume of leased and purchased office space amounted to 826,000 sq.m, which is 30% higher than the figure for the same period in 2016.
The total number of lease and purchase transactions increased by 2 times: activity in terms of rent and purchase was demonstrated by both small companies renting offices of less than 200 sq. M, and large ones, which require more than 10 000 sq. M.
The share of transactions on renegotiation and revision of lease terms continues to decline. More than 80% of the total volume relates to relocation companies.
Among the largest transactions in the 3rd quarter of 2017, Eksmo rented 23,000 square meters at the Poklonka Place business center, Tele2 rented an office of 13,100 square meters in Comcity office park, and Technoserv rented 12,000 square meters. m in the business quarter "Novospassky Dvor", the company Deutsche Bank rents 8,200 square meters in the Aquamarine III business center and preliminary rents of Europlan 8,000 square meters in the Oasis business center.
Vacant office space in Moscow
The average value of vacancies in the market has not undergone major changes. The volume of free supply introduced was offset by moderate net absorption. The average market vacancy rate was 11.2%. In absolute terms, 1.9 million square meters are offered for rent and for sale. In the structure of free supply, 32% formed the class “A”, 50% - “B +” and 17% - “B-”.
Due to the shortage of large office blocks (more than 10,000 square meters) in high-quality buildings with convenient location, the practice of concluding preliminary lease agreements by large companies in construction projects has been established: about 30% of office space in business centers commissioned since the beginning of the year and planned before the end of the year, it is no longer offered on the market. At the same time, the owners of some facilities continue to postpone commissioning until the signing of the Pre-lease with the anchor tenant.
The existing volume of free office space has an uneven distribution, and some submarkets are characterized by a shortage of quality supply.
Sales prices of offices in the capital
In the sales segment, the trends of the beginning of the year remain: the volume of free quality supply remains small, the exhibited sales prices are stable. However, from the middle of the year, there has already been a conversion of existing interest into real transactions - the number of transactions for the purchase of office space less than 200 square meters has increased compared to the same period in 2016.
Cost indicators in areas remote from the Central Democratic Republic, near the Third Transport Ring, are 180,000 rubles / sq.m for class “A” and 150,000 rubles / sq.m for class “B +”. Objects located at a distance from the Third Transport Ring towards MKAD are offered today on average at 170,000 rubles / sq.m in class “A” and 115,000 - 130,000 rubles / sq.m in class “B +” / “B - ".
Expensive offices are offered in the central areas of the city at an average cost of 315,000 rubles / sq.m for class “A” and 265,000 - 275,000 rubles / sq.m for classes “B +” / “B-”. In the towers of MIBC "Moscow City" offers vary in the range of 245,000 - 450,000 rubles / sq.m.
Rental rates for office space in Moscow
Q3 2017 was characterized by stable rental rates. Traditionally, fluctuations were observed in the given rate indicator due to the volatility of exchange rates. The market is still ruble.
There was a slight local change in the requested ruble rental rates by region and class, but this slightly increased the average market level - within 1-3%. In the Central MDC, the rental rates for class “A” offices were 30,785 rubles / sq.m / year, for class “B +” - 20,240 rubles / sq.m / year.
The given base rental rate for offices in US dollars for class “A” is $ 440 / sq. M / year, in rubles - 25 831 rubles / sq. M / year. The given base rental rate in US dollars for the “B +” / “B-” class is $ 219 / sq.m / year, in rubles - 12,817 rubles / sq.m / year.
Trends and forecasts for the development of the Moscow office market
Developers announced the commissioning of 370,000 square meters in the fourth quarter, of which 340,000 square meters correspond to class “A” If the stated plans are implemented, the annual volume of new construction in 2017 will increase by 50% compared to 2016.
The main objects declared for commissioning in the IV quarter of 2017
The appearance of Class A objects will not have a significant impact on the volume of free supply in this segment, since today in three of the four Class A business centers, on average, no more than 10% is free.
When the deadlines for commissioning the Moscow-Moscow City International Development Center postponed for 2018, the growth of the new supply, on the contrary, will be lower than last year's indicator by 40% (i.e. 197,000 sq.m), which will also affect the growth in the vacancy rate from the expected 10% up to 11.5%.
Taking into account that in the last two quarters, the growth in the volume of transactions was 65% and 75%, and at the end of the year a substantial amount of space is usually closed, the total demand can reach 1.0-1.1 million sq.m. Despite the fact that the expected volume of demand may be higher than 2014-2016, it is still less than the pre-crisis values.
At the end of the year, the market will see a significant decrease in vacant space and a gradual increase in rental rates.
A decrease in the volume of quality supply, especially in the segment of large blocks, against the background of positive dynamics of demand will gradually push up rates in classes “A” and “B +”, which, however, will be most noticeable in 2018.
General market situation
In Q3 2017, the Bank of Russia continued to reduce the key rate - to 8.5% per annum (September 2017).
The average dollar exchange rate for Q3 2017 amounted to 58.9 rubles, an increase of 3.0% compared with the average indicator for Q2. 2017 year
In the first half of 2017, the total market for the Moscow office space grew by 0.3%, amounting to almost 16.0 million square meters, of which 14.8 million square meters were segments A, B + and B.
suggestions
The input volume is 3 square meters. 2017 amounted to 48.2 thousand square meters (GLA), which is 23% lower than the previous quarter and 3 times less than the result of the same period in 2016. In total for 3 quarters the offer increased by 163.0 thousand square meters
In the 3rd quarter 2017, new objects appeared within the borders of the "old" Moscow; the entire volume entered belongs to class A. The structure of the total supply volume by class has not changed.
Demand
At the end of the 3rd quarter. 2017, the average level of vacancy in classes A, B +, B did not change compared to the previous period, amounting to 15.9%. However, the dynamics of the indicator are multidirectional, depending on the class:
An increase in the vacancy level in Class A by 0.5 percentage points - up to 21.5%, including by introducing new objects. There is an increase in the number of vacant areas in the facilities inside the Third Transport Ring, the vacancy of business centers outside the Third Ring Transport has slightly decreased (by 0.1 percentage points)
In classes B + and B, the indicator of the level of vacancy decreased by 0.4 percentage points. (on average and in each class) - up to 13.4% and 8.8%, respectively. At the same time, occupancy increased regardless of location. The average vacancy in classes B + / B reached 12.2%.
Class C showed a slight decrease in vacancy (by 0.1 percentage points).
In general, over the 9 months of 2017, the vacancy in all classes decreased: in class A - by 1.1 percentage points, in class B + - by 2.9 percentage points, in class B - by 1.2 percentage points. .p, class C - by 0.9 percentage points
3 sq. 2017 was marked by major lease transactions. The top 3 deals of the quarter are owned by telecommunications and IT technology companies. The volume of major transactions (from 1 thousand square meters) amounted to 53 thousand square meters, of which 62% are class A.
Taking into account the growing time for the exposition of office premises, new formats that are focused on the needs of small businesses are becoming relevant: mini-offices of 15-80 square meters (including with ready-made workplaces) and actively developing coworking.
Commercial offer
According to the results of the 3rd quarter of 2017, there were no significant changes in commercial conditions, in general, we can talk about stabilization of rental rates.
In the reporting period, fluctuations in rental rates in classes B +, B, C were recorded in the range of 0.9-2.2%; in class A, the average rental rate has not changed.
At the end of the 3rd quarter of 2017, the average rental rates are: in class A - 1980 rubles / sq.m. / monthⁱ; in class B + - 1350 rubles / sq.m / month .; in class B - 1110 rubles / sq.m / month .; in class C - 930 rubles / sq.m / month.
The weighted average rental rate in class B + / B slightly decreased (by 0.8%) and amounted to 1,260 rubles / sq.m. / month.
As a result of price dynamics, the distance between classes B + and A increased from 30% to 32%; between B and B + - decreased from 20% to 18%; between C and B - remained at the same level.
Conclusions and development forecasts
In the 3rd quarter, the market was replenished with two Class A facilities with a total area of \u200b\u200b48.2 thousand sq. M. GLA, which is 3 times less than the volumes of the same period in 2016.
The withdrawal of new areas had an impact on the level of vacancy in class A (growth by 0.5 percentage points by the end of the quarter), however, in general, since the beginning of the year, the vacancy decreased by 1.1 percentage points.
According to the results of the quarter, in the classes B +, B and C there is an increase in the occupancy rate of objects, however, the rate of decline in vacancy is lower than in the 1st quarter of 2017
Significant changes in rental rates, compared with the 2nd quarter of 2017, did not occur.
By the end of the year, it is expected to commission about 275 thousand square meters of office space, of which 72% falls on the towers of Moscow City. It is possible that the input of part of the planned objects will be postponed to 2018.
With the release of new objects, an increase in vacancy in class A is possible, however, since some objects are partially filled at the construction stage, a significant increase in vacancy in class will not occur.
In B + / B classes, the vacancy will continue to decline against the background of a low volume of promising offers.
In Q4 2017, significant changes in average rental rates are not expected.
1 Until 4Q2015 - rental rates are indicated in USD / sq.m / year, the dynamics was also calculated in USD. In 3Q2015, the value of the dynamics in RUB is indicated in parentheses. Since 4Q2015, in connection with the transition of the market to rubles, rental rates and their dynamics are calculated in RUВ, the value in terms of USD / sq.m / year is indicated in brackets at the current rate.
