From January to March 2021, commissioning of offices in Saint Petersburg reached 49.4 thousand square meters. This represents a 97.6% increase of the new supply year-over-year.
The total amount of high quality office spaces on the St. Petersburg market reached 3.83 million sq. m, up by 3.9% in annual terms. Approximately 173 thousand sq. m currently are under construction and planned for commissioning by the end of this year.
The office real estate market is recovering strongly after the record lows of the 2020 pandemic year, successfully overcoming previous uncertainty and reduced developer activity. The market supply of new or renovated office spaces is a key factor shaping the market potential for professional office furniture, in short to medium terms. We are tracking this indicator more closely, including particular office buildings and business centers commissioned and under construction, within our extended Market Reports.