European office of CB Richard Ellis issued a new report based on the recent research of office real estate market in EMEA in Q2 2011.
According to the report from CB Richard Ellis, renewed caution from occupiers had led to reduced activity across Europe’s main office markets, with the notable exception of Moscow.
CBRE’s analysis shows that there was an increase in take-up in the second quarter (Q2) of this year in Moscow where 295,000 sq m was taken in Q2, a 34% increase on the first quarter.
Christopher Peters, Director of Research, CB Richard Ellis in Russia, said: “As in Europe, so in Moscow, where the focus of investors and many occupiers is on quality. This focus is more intense than before the crisis, as the vacancy rate is higher and there is a wider range of options available to potential occupiers. Nevertheless, this demand is creating downward pressure on the vacancy and thus driving up the rental rates for the high-quality segment, in turn making these objects much more attractive to investors. Given Moscow’s low overall supply of quality buildings, this rise in rental rates is particularly pronounced.”
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