O1 Properties sees vacancy rate under 5% in 2019

4 February, 2020. O1 Properties, the largest owner of class-A office real estate in Moscow, reported operating results for 2019. The Company made lease contracts for 90,000 sq.m. of space last year, of which 40,000 sq.m. in new contracts. The surge of new leases brought the vacancy rate at Company business centres under 5%, which is significantly below the average market level for class-A space in Moscow.

Some large transactions at O1 business centres in 2019

Lessee company Space (sq.m.) Business centre
Russian company 5 208 LeFORT
Russian company 4 700 Krugozor
Russian company 3 120 iCUBE
ERIELL 2 365 Silver City
Cherkizovo Group * 2 198 White Square
Russian company 1 994 Krugozor
Higher School of Financial Management 1 369 White Square
GeoProMining 1 091 iCUBE
Intertek 1 038 LeFORT
Altium 983 White Square
Rockwool 880 Silver City

 ** office expansion

The largest number of transactions in 2019 was for space at the White Square, LeFORT, Krugozor and iCUBE business centres.

Pavel Barbashev, Commercial Director of O1 Properties, commented: “2019 was the first year when demand from Russian companies for best-quality class-A office space exceeded demand from foreign companies. We see this as due not just to the state of the economy, but particularly to growing awareness among Russian companies of the importance of work with staff: domestic firms are now ready to invest in modern office space with good transport accessibility, infrastructure and high-quality design in order to attract the best employees.”

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