O1 Properties, the leading investment company and the largest owner of Class A office real estate in Moscow, has reported its operating results for 2024.

The key achievement of the year was the signing of new lease agreements covering a total of 90,000 sq. m, matching the figures of 2023. In addition, lease renewals were signed for 70,000 sq. m, underscoring the high quality of the company’s assets and the trust of its tenants. By year-end, the vacancy rate across the O1 Properties portfolio had significantly decreased to around 3%. Several properties reached 100% occupancy, including Lighthouse, Vivaldi Plaza, and Legend Tsvetnoy.

In 2024, demand continued to come from IT companies, manufacturing enterprises, and organizations with state participation. The average leased office size was 1,500 sq. m, while the average lease term amounted to three years.

New tenants welcomed into the O1 Properties portfolio included Biocodex Russia, AVTOVAZ, Servionika, and others. The largest deal of the year was signed with an IT company for over 6,000 sq. m in the Krugozor business center.

The most sought-after business centers in 2024 were:

• Legend
• Vivaldi Plaza
• Lefort
• Silver City
• Krugozor

Each of these properties attracted eight new tenants, with Krugozor leading by leased area — nearly 15,000 sq. m.

“Vacancy in the Moscow office market continues to decline sharply, accompanied by rising rental rates. On average, rents across our portfolio increased by 15–20% over the past year. In the Paveletskaya business district, vacancy is close to zero. In 2024, we saw growing demand for premises requiring investment in redevelopment or offered in shell & core format — a trend rarely seen before. In 2025, vacancy is expected to remain at low levels due to minimal delivery of new quality business centers available for lease, which will continue to drive demand for Class A offices. The upward trend in rental rates will clearly persist in 2025,” noted Pavel Barbashev, Commercial Director of O1 Properties.

The company continued to actively implement ESG principles integrated into its development strategy. In 2024, O1 Properties held six blood donation drives, with more than 350 participants. Thanks to these initiatives, over 1,000 people received assistance.

In addition, the company confirmed the top level of the ESG Index developed by RBC together with the NCR rating agency and maintained its position among Russia’s largest companies in the Forbes Gold Employer Category.