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|
** 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.”