Moscow office rents are more likely to stabilise than recover

The increase in Moscow office rental values in Q2 is likely to prove a one-off. Although the occupier market has seen a continued improvement over the past few quarters, we think that the main driving force – the economic recovery – is going to lose impetus over the next 18 months. If we are right, then a prolonged period of office rental value stability is more plausible than a rapid recovery.

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