After a strong upturn in 2010 and most of 2011, office rents in Moscow have stabilised. Given that the economy is likely to slow and that the vacancy rate amongst the capital’s existing office stock is still high, we doubt that a renewed upturn in rents will occur much before 2014. But nor are fresh falls likely. Our hunch is that, for the next 12 to 18 months, Moscow office rents will be broadly flat.
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