The rationalisation and contraction of tenants was a key theme in Moscow’s office landscape throughout 2015. This was on the back of falling commodity prices and the devaluation of the Russian ruble. Despite the weak macroeconomic factors, take-up of office space in 2015 amounted to 367,000 sq m and was comparable to the levels achieved in 2014. The main reason for this continued level of take-up was the renegotiation of lease terms accounting for around 60 per cent of the leasing volume, with tenants taking advantage of the favourable lease terms offered by landlords.
Source : Knight Frank