Rus News Journal

Office falling

Demand for office premises, rates of rent and volumes of building of commercial objects continue to decrease. By estimations of analysts, now free premises in business - the centres of Petersburg make 328,4 thousand in sq. m or 21,3 % from offer total amount, and rates on rent of office areas have fallen to 43 % in dollar expression in comparison with the pre-crisis period. Thus from 71 under construction office objects (1,36 million sq.), only 58 % are in a stage of active building.
in the second quarter 2009 the volume of office offer has increased by 73 thousand in sq. m and has made 1,47 million in sq. m, analysts Jones Lang LaSalle have counted up. In total for the first half of the year 2009 it has been entered 112,4 thousand in sq. m of which offices of a class And have made 49,4 thousand in sq. m, a class In - 63,3 thousand in sq. m. Among them, according to company Astera, business - the centre the Battle ship the companies BFA - Development The centre first stage Pulkovo - Skye companies EKE and others. thus the volume of free office areas in the market continues to grow and now makes 328,4 thousand square metres or 21,3 percent from offer total amount - it is told in report Jones Lang LaSalle. While during the pre-crisis period, on the third quarter 2008 end, the given indicator did not exceed 103,2 thousand in sq. m or 8,5 % from total amount of qualitative office premises. However, Nikolay Kazansky, commercial director Colliers International in St.-Petersburg asserts that the average level of the vacant areas in high quality office centres has decreased to level 20 - 25 % while in the beginning of year this indicator and at all made 35 - 40 %. It is caused by moving of tenants business - the centres of a class With and other premises in more high-class offices. He also has added that in the first half of the year 2009 volume of transactions on rent of office premises of a class And and In the mister Kazan has reached almost 45 thousand in sq. m. However has noticed that the given size substantially is generated not at the expense of expansion or an exit on the market of the new companies, and thanks to rotation of tenants. In particular, the largest transaction on rent in office centre since autumn of 2007 he names the transaction of company Yota renting 7,8 thousand of sq. m in business - centre Atlantic - City.

As experts mark, in the market falling of rent rates proceeds. the high competition between objects stimulates decrease in rent rates, - Veronica tells Lezhneva, the senior analyst of department of economic and strategic researches of company Jones Lang LaSalle in St.-Petersburg. - in the second quarter 2009 in dollar expression it has made 9,6 percent at offices of a class And and 2,8 percent - a class In . Thus she notices that for the first half of the year 2009 on the average on two classes of office real estate of the rate have fallen to 34,18 % in dollar expression (20 % in rouble expression), and from the third quarter 2008 - on 43 % in dollar expression (25,6 % in rouble expression). According to analysts of company Astera, the tendency of decrease in rates will remain further, and increase of level of rates they expect not earlier than the end of 2010.

concerning the further input of office real estate experts not undertake to give long-term forecasts. Analysts Jones Lang LaSalle only assume that by 2012 the volume of the market of office areas can reach 2 million in sq. m (from them 600 thousand in sq. m - business - the centres of class A) that makes only third from announced before the entered volume of the areas. However, ARINA`S company has conducted research of buildings of Petersburg which has shown that now at a building stage there is 71 business - the centre office area about 1,36 million in sq. m from which only 58 % are in a condition of building activity.