From January to June 2022, commissioning of offices in Saint Petersburg reached 10.6 thousand square meters only. This represents a 88.5% decrease of the new supply year-over-year.
The total amount of high quality office spaces on the St. Petersburg market reached 3.94 million sq. m, up by 1.5% in annual terms. The area of vacant spaces increased by 36% and totaled to 329 thousand square meters. m.
Considering the geopolitical situation and the increase in the cost of construction and finishing works, it is likely that the commissioning of many projects that were planned for 2022 will be postponed to the next year.
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.