Diamond Hall А Midland Development 61,500 38,000. Linkor B Agrostroy 62,040 31,256. Leipzig B Leipzig Fashion House 17,893 17,893
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1 Office Sector Q was characterized by a relatively low amount of commissioned office space, vacancy rate reduction, and stabilization of rental rates. At the same time, Moscow was number one in terms of office development volume among 60 largest cities in the EMEA (Europe, Middle East, and Africa) region, while ranking tenth in terms of the level of rental rates. One of the highest rental rates ($680/sqm/year in Class A & Class B buildings, on average) and lowest vacancy rates (7.2%) is characteristic of Moscow s central business district. The highest vacancy rates and the lowest rental rates ($240/sqm/year in Class A & Class B buildings, on average) were recorded in the capital s southeast section. In Q1 2001, there was a notable revival of demand for office space by banks: several large lease transactions were completed, and a number of banks started actively searching for new office premises. The total take-up volume in the office rental and sales markets amounted to approximately 260,000 sqm, which is comparable to the value for Q SUPPLY AND NEW CONSTRUCTION In Q1 2011, approximately 170,000 sqm of office space were commissioned; out of that, 34% were Class A and 66% Class B premises. The percentage shares of new construction and reconstruction were 80% and 20%, respectively. The total stock of Class A and Class В office space as of the end of Q amounted to mln sqm. Table 1. MAJOR PROJECTS PUT INTO OPERATION IN Q class Developer Total area, sqm Rentable office area, sqm Diamond Hall А Midland Development 61,500 38,000 Linkor B Agrostroy 62,040 31,256 Leipzig B Leipzig Fashion House 17,893 17,893 MirLand, Bldg 14 B MirLand Development 15,000 13,527 Danilovskaya Manufactory, Ryady Soldatenkova B KR Properties 15,700 12,956 Unicon B MonArch 23,750 12,500 Prizma A Capital Group 15,000 10,620 Imperial House A Capital Group 10,543 9,176
2 Chart 1. TOTAL STOCK AND NEW CONSTRUCTION, CLASSES A AND B As of the beginning of 2011, the total area of office buildings scheduled to be commissioned in the next two years amounted to approximately 2.1 mln sqm. Thus, in terms of new construction, Moscow was number one among the largest cities in the EMEA (Europe, Middle East, and Africa) region. It is interesting to note that this volume of new construction is not a considerable one for Moscow; on the contrary, we characterize it as relatively low (see the Vacancy and Rental Rates section). Chart 2. OFFICE SPACE PLANNED TO BE COMMISSIONED BY 2013
3 DEMAND In Q1 2011, the office property market saw a notable revival of demand on the part of companies from the banking and financial sectors. This trend started actively developing in H and remained in the beginning of In particular, in Q1 2011, the Russian Bank for Development (RBD) leased Progress BC with an area of 6,084 sqm. The second major transaction of the reporting quarter was the lease of 7,048 sqm of office space in Diamond Hall business center by Credit Europe Bank from Midland Development, the building s owner. Other large banks are also looking for new office premises. In Q1 2011, approximately 225,000 sqm were leased; among these, 30% were in Class A business centers and 70% in Class B buildings. It should be noted that the total take-up in the office rental market in Q exceeded the value for Q by 3%. The central business district, with 46.5% of the total take-up volume in the lease market, accounted for the largest share of transactions in Q In second place is the City business district (almost 14%); while the third and fourth are the southern and the northern districts of Moscow, with 10.6% and 9.2%, respectively. The share of other districts in the total take-up volume in the rental market was less than 5.5%. In Q1 2011, the take-up in the office sales market amounted to approximately 34,000 sqm, including 13% in Class A business centers and 87% in Class B buildings. Chart 3. DISTRIBUTION OF DEMAND IN THE OFFICE RENTAL MARKET BY MOSCOW DISTRICT Table 2. MAJOR LEASE DEALS CONDUCTED IN Q Tenant class Grinatom AFI at Paveletskaya B 13,600 Confidential Silver Stone B 10,771 Credit Europe Bank Diamond Hall A 7,620 Russian Bank for Development Progress A 6,103 Pfizer Naberezhnaya Tower, Block C A 5,797 Confidential Dom Park Kultury A 5,500 EMC Nordstar Tower A 2,632 NVIDIA Dvintsev BC, C A 2,450 AKRIKHIN Riverside Towers A 2,202 NeoCentre Chaika BC, Plaza 7 A 2,164 Office space, sqm
4 Table 2. MAJOR LEASE DEALS CONDUCTED IN Q (cont.) Tenant class PRODO Management Fabrika Stanislavskogo BC B 2,085 Align Technology Danilovskaya Manufactory B 2,031 Oracle Hardware Naberezhnaya Tower, Block C A 1,936 Coca-Cola Borovsky BC B 1,719 MC FNK Group Capital City, Phase 2 A 1,548 World Gym Erevan Plaza B 1,213 Office space, sqm VACANCY AND RENTAL RATES In addition to relatively modest volumes of new construction, vacancy rates in Class A stabilized in Q1 2011, while continuing to decline in Class B. By the end of the reporting quarter, the share of vacant premises in Class A business centers amounted to 17.4%, while in Class B buildings it was about 10.0%. Chart 4. AVERAGE VACANCY RATES * Hereinafter, rental rates are stated net of VAT and OPEX. It is notable that the major share of vacant premises is attributed to the business centers commissioned in 2010 Q In the buildings where the construction was completed in , the vacancy rate does not exceed 15%, on average. At the same time, the business centers that were put into operation prior to 2007 (inclusive) have practically no vacant premises. This is evidence of high demand for finished office premises in operating buildings. Table 3. DISTRIBUTION OF AVERAGE VACANCY RATES BY CLASS AND BUILDING COMMISSIONING YEAR District Commissioning year Prior to Central business district 4.0% 13.5% 32.8% Other districts 4.8% 15.3% 48.1%
5 In Q1 2011, rental rates and sale prices for office premises remained at the level of Q At the same time, increases in rental rates in high-quality buildings in good locations should be mentioned. The cases of increased rental rates were rare in the first quarter; however, we are projecting their higher frequency in the medium term. Table 4. ASKING RENTAL RATES AND SALE PRICES IN Q class Rental rate, $/sqm/year (net of VAT and OPEX) Price, $/sqm (net of VAT) Class A 550 1,000 7,000 12,000 Class B ,500 8,000 Class B ,000 6,000 In terms of average rental rates for Class A and Class B office space ($470/sqm/year), Moscow was in tenth place among 60 largest cities located in the 36 countries of the EMEA region. Rental rates comparable to those in Moscow were recorded in Frankfurt, Zurich, and Oslo, amounting to $ /sqm/year. London and Paris are the leaders in terms of rental rates. In the beginning of 2011, the average rental rate for Class A and Class B premises in London s West End was $1,173/sqm/year, and in the City of London $813/sqm/year. Paris surpassed the City of London in this regard: the average office rental rate in the French capital was $1,000/sqm/year at the beginning of Chart 5. AVERAGE RENTAL RATES, CLASSES A AND B During Q1 2011, the highest rental rates in Moscow were recorded in the Moscow International Business Center (MIBC) $755/sqm/year, on average. At the same time, vacancy rates there are among the highest, 15.5%. The lowest vacancy rates are observed in the central business district (7.2%), which occupies second place among Moscow s districts in the ranking of rental rates ($680/sqm/year in Class A & Class B buildings, on average). Higher average rental rates in the MIBC compared to the central business district can be explained by the following facts. At the MIBC, office premises are offered exclusively in Class A buildings; this predetermines a high average rental rate. At the same time, in the central business district, office buildings of different classes (A, B+, and B ) are located; rental rates there start from $300/sqm/year. This leads to a lower value of average rental rate in the central business district. In other districts of the capital, average rental rates in Class A & Class B buildings vary from $240/sqm/year to $500/sqm/year. The most expensive area located outside the city center is the west of Moscow, while the southeast is the cheapest. It is notable that Moscow s southeast has not only the lowest rental rates, but also the highest vacancy rates (20.7%). Overall, for the districts located outside the city center, vacancy rates vary from 8.7% to 20.7%.
6 Chart 6. AVERAGE VACANCY RATES AND RENTAL RATES IN VARIOUS MOSCOW DISTRICTS, CLASSES A AND B * Net of VAT and OPEX. Olga Pobukovskaya Director Office Property Department olga.pobukovskaya@colliers.com
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