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There is 1.3 sq m of office area per capita in the Russian capital city
Moscow, 2 October 2013 – Jones Lang LaSalle provides comparative analysis of office space supply in Moscow and European cities. We have analyzed office stock within the Main Cities.
Although Moscow is the center of business activity and in turn is the largest and the most developed Russian office market, it is seriously lagging European cities in terms of office space saturation. According to Jones Lang LaSalle, Moscow is in 5th place by absolute volume of quality office premises (15m sq m) behind European capitals like London (20.4m sq m), Berlin (17m sq m), Paris (16.7m sq m) and Munich (15.7m sq m). St. Petersburg, the other large Russian office market, with 2.25m sq m, is not in the top-20 of this list.
At the same time, it is important to take into account the population size difference, meaning the potential office employees of these cities. The Moscow office stock per capita equals to 1.3 sq m and is lagging behind the majority of large European cities by that factor.
Olesya Dzuba, Deputy Head of Research, Jones Lang LaSalle, Russia and CIS, notes: “There is 10 times less office stock per capita in Moscow than in Zurich and Geneva and 5 times less than in Paris or London. St. Petersburg’s office stock per capita is three times lower than in Moscow, at 0.4 sq m. This difference is a strong signal for developers to build quality office premises, which are in a deficit in the market. Importantly, these premises should gradually spread over the whole city instead of focusing in the City Center.”
Natalia Kopeychenko, Head of PR
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