Office rental in Russia

Office real estate (Russian market)

Main article: Office real estate (Russian market)

Chronicle

2025: L'Oreal closed the largest transaction in the flexible office market since the beginning of the year in Russia - 6444 sq. m rented in the center of Moscow

L'Oreal has agreed to lease 6444 sq. m (835 jobs) in a flexible office in the complex "AFI Gallery" next to Art. m. "Belorusskaya" in the center of Moscow. This became known in April 2025 from sources close to both sides of the transaction. The parties have already signed an agreement. The company's decision to move elsewhere is explained by a desire to have a more modern office. It is also possible that this is due to the current market conditions and actively growing rates for high-quality projects in Golutvinskaya Sloboda. Read more here

2024: Moscow overtakes Dubai and London office rental prices in terms of growth

Moscow became the world leader in the growth rate of office rental prices, ahead of Dubai and. In London 2024, rates on class A office real estate in the Russian capital increased by 17% compared to 2023. Such data was presented by consulting CORE.XP in a study published on March 19, 2025.

According to Interfax, this figure has become the highest among cities such as Dubai, London, New York and Hong Kong. These locations were chosen for comparison with the Russian capital, as they are key financial and business centers of the world representing various regions (Europe, the Middle East, North America, Asia). They are characterized by different stages of the rental market development and are the leaders in providing square meters of offices per 1000 people.

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Фото: Freepik

Dubai ranked second in terms of rental rate growth at 15% for the year. Next are London (11%) and New York (2%). Hong Kong has become the only city under consideration where rental rates have declined by 2%.

Despite the high growth rate, Moscow remains the most affordable city for renting offices among those listed. For class A premises, the average in 2024 was ₽45 thousand per square meter per year. In Dubai, rental rates were at ₽57 thousand per square meter per year, in New York - ₽90 thousand, in Hong Kong - ₽91 thousand, and in London - ₽145 thousand.

Vasily Grigoriev, director of market research at CORE.XP, explained that "the high demand for high-quality offices in Moscow is combined with a limited supply." Even taking into account the growth in the volume of new construction, up to 80% of the space is sold even before the commissioning of the facilities, which creates the prerequisites for a further increase in rental rates.^[1]

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