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Moscow’s office market showed signs of growth and slowdown

During 2011 Moscow’s office market showed signs of both growth and slowdown, according to a new report from CBRE Russia Office Research. CBRE observed falling vacancy and an increase in rental rates for quality office space. The level of new supply and take-up dropped considerably compared with the results of 2010: 2011 was similar to 2004 and 2005 when the market started its growth in terms of new delivered office space and demand levels. The total take-up for 2011 was 1.18 mln m² (this figure includes new leases and owner occupied space, excludes extensions and investment sales). Out of this volume Class A and B+ take-up was 1 mln m². In contrast to 2010, in 2011 geographically, the demand for office space in the CBD decreased to 23%...[…]