Rent offices in St. Petersburg has grown significantly
According to the company JLL, 1st quarter of 2019 average rental rates for the office market of St. Petersburg increased by 3.0% in class A and 2.3% in class V. This rate of rental growth is the highest since the 1st quarter of 2013. Currently, the weighted average requested rental rate in class A is 1 842 rubles per sq m per month, class b – 1 265 rubles per sq m per month (including VAT and operating expenses).
"First quarters generally are the periods of greatest growth in rental rates. This is due to the formation of the budget of landlords and, accordingly, the parameters of the lease campaign. Thus in addition to the traditional drivers of the increase in rental rates in the current year impact of the increase in VAT, which the owners have considered in the requested conditions, – says Vladislav Fadeev, head of research at JLL in St. Petersburg. – An increase in rental rates contributes to the reduction of vacant space".
In the 1st quarter of 2019, the average vacancy rate on the office market of St. Petersburg continued to decline and reached 5.4%. The class a rate fell to 3.1% (-0,4 percentage points over the quarter), the class b – up to 6.6% (down 0.6 percentage points over the quarter).
Source kvadrat.ru