Demand for Moscow office space drops by 24% to five-year low

Demand for Moscow office space dropped by 24% last  year, according to property consultants , Jones Lang La Salle (JLL). The estimated annual take-up of 1,.1 m² was, it estimates, the lowest in five years. “The structure of demand has noticeably changed with the share of renewals and renegotiations comprising 40% of the total amount of deals in 2014 from 20% seen in 2013,” analysts at JLL reported yesterday (January 28). With GDP expected to fall by between 4% and 6% this year, they are anticipating a further 25-30% decrease to 700-800k m². ITAR-TASS