Office real estate (St. Petersburg market)

2023: IT companies rented more than 50% of St. Petersburg offices

At the end of 2023, IT companies, including the corresponding structures of financial and resource-producing corporations, accounted for more than 50% of rented office space in St. Petersburg. This is stated in a study by the consulting firm NF Group, the results of which were published on December 11, 2023.

As of the beginning of December 2023, 10 business centers with a total area of ​ ​ approximately 99 thousand square meters were put into operation in St. Petersburg during the specified year. At the end of 2023, in general, this figure is estimated at 135 thousand square meters, which is 17% less compared to the previous year. At the construction stage, there are 24 business centers with a total area of ​ ​ about 238 thousand square meters, which developers plan to commission by the end of 2024. Moreover, almost a third of the volume (31%) of the upcoming space has been sold and will not be presented on the rental market: we are talking about the business centers "Nevskaya Town Hall" and "Kantemirovsky."

Business center Saint Petersburg

In general, in 2023, the office real estate market in St. Petersburg recorded a decrease in space available for rent. According to NF Group estimates, in class A buildings, the vacancy decreased to 10.6%, class B - to 7.9%. The restrained pace of new construction, analysts believe, will contribute to the fact that by the end of 2024 the vacancy in class A will decrease to 8%, and in class B - to 7%.

By the beginning of December 2023, the volume of office rental transactions decreased by 35% compared to 2022. This trend is supported by low vacancy and the fact that the remaining areas after the departure of international companies have already been rented, - said Regina Voloshenko, director of the office real estate department at NF Group in St. Petersburg.

In 2023, companies from the oil and gas industry and the IT sector are leading in the structure of demand for offices in St. Petersburg, followed by production enterprises. The average area of ​ ​ offices rented by IT companies does not exceed 1000 square meters.^[1]

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