Russia : Saint Petersburg office market - 2014

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Despite the economic crisis, overall demand for office space in 2014 remained stable, especially for grade B properties. Unsurprisingly Grade A offices in current conditions are less in demand because economic conditions have changed. Companies are now more cautious, renting less space than they had initially planned and opting for the most cost effective units. At the beginning of the year the most popular premises ranged from 200 to 500 m². At the end of 2014, demand shifted towards offices of 100 to 200 m². They also moved into offices with lower rents, or sublet part of their premises to offset costs. Companies are not choosing to move to locations that are perceived as showing excessive rents.

Source : BNP Paribas Real Estate

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