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Яндекс цитирования

  Analytics
   Articles archive

17.11.2006

Office market overview. The 3rd quarter 2006

The office market is characterized by high rates of development. The last three quarters showed an increase in investment activity. This growth includes general investments as well as interest from international investment funds. The rate of the current yield of investment acquisitions is 9.5 – 10%. Significant office projects entered the market in the 3Q 2006

    
        
            
            
            
            
        
        
            
            
            
            
        
        
            
            
            
            
        
        
            
            
            
            
        
        
            
            
            
            
        
        
            
            
            
            
        
        
            
            
            
            
        
        
            
            
            
            
        
        
            
            
            
            
        
    
Building name Address Class Total area (sq.m)
Central City Tower, phase 2 20, Ovchinnikovskaya Emb. A 14,000
Office complex 2, Bld. 4 Turgenevskaya Sq. A 15,576
Znamenka 3, Znamenka St. A 13,420
Office complex 40, Bld. 4 Stremyanny Lane A 13,090
Kristall 29. Dezhneva St A 6,500
Novosushchevsky Business Center 18, Suschevsky Val St. B 40,000
Neodim, phase 1 40, Bld. 22 Nikoloyamskaya St. B 25,455
Plaza – H2O 40, Bld. 6 Paveletskaya Emb. B 10,698

In the 3rd quarter several new companies (one of them being CapitaLand, a development company from Southeast Asia) entered the office market. Among non-profile developers who want to diversify business is PIK Group, which announced their intention to build about 600,000 sq.m of office space by the year 2012. Additionally, the company City-Hotel is planning to construct nearly 400,000 sq.m of hotel and office premises. B2B Development, which was set up by Buket Group, has announced for delivery 180,000 sq.m. of class A office space. Significant projects planned for delivery in the 4Q 2006 In the 3rd quarter of this year 220,000 sq.m of class A and ? office premises were constructed, of which class A offices total 70,000 sq.m and class B – 150,000 sq.m. Thus, the total sum of the delivered office areas in the beginning of the 4Q 2006 is 660,000 sq.m. About 700,000 sq.m. is planned for delivery (500,000 sqm of class A and 200,000 sq.m of class B) by the end of this year. Total growth in high quality office premises in 2006, taking into account the buildings to be completed in the 4Q, will be 1,360,000 sq.m. At the same time, demand for quality office space is growing steadily resulting in a shortage of class A and B offices. The shortage is expected to be gradually covered not earlier than 2009 due to the planned delivery of new office premises.

    
        
            
            
            
            
        
        
            
            
            
            
        
        
            
            
            
            
        
        
            
            
            
            
        
        
            
            
            
            
        
        
            
            
            
            
        
        
            
            
            
            
        
        
            
            
            
            
        
        
            
            
            
            
        
    
Building name Address Class Total area (sq.m)
Severnaya Bashnya, phase 1 19, Bld. 2-3 Krasnopresnenskaya Emb. A 74,000
Ducat Place III 6, Gasheka St. A 53,000
Profico Business Center 1-3, Krylatskie Hills St. A 49,500
Kozhevniki techno-park 20, Derbenevskaya St. B 48,000
Ermitazh - Plaza (buildings 2, 3) 2/4, Bld. 6 Krasnoproletarskaya St. A 40,400
Aurora Business Park, phase 2 82, Sadovnicheskaya Emb. A 40,000
Lotte Plaza 21, Novy Arbat St. A 38,729
Krugozor 1 30, Bld.1, Obrucheva St. B 36,000

Trends


• Growth in high quality office construction;


 • Decentralization;


 • Increase in office construction at sites of redevelopment (industrial territories and buildings);


• Growth of business parks and multifunctional projects; • Difficult realization of unsuccessful failed projects;


• Developers select tenants taking into consideration the subsequent sale of office premises.


Major transactions of the 3Q 2006 Among office lease agreements, the most distinguished is the lease by Deloitte of 29,000 sq.m of office space at the White Square complex (which has a total area of 65,000 sq.m) on 3, Lesnaya St.

/ Source: Praedium



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