- Статьи
- Economy
- Gifts of estimates: prices for offices in Moscow increased by a third due to a shortage of space
Gifts of estimates: prices for offices in Moscow increased by a third due to a shortage of space
Offices in Moscow are becoming more expensive at a record pace — in the business districts of the capital, the cost of premises has soared by more than a third in a year, and there is less and less available space. In the area between Sadovoye and the Third Transport Ring, the average cost of buying offices jumped by 36% over the year and reached 613 thousand rubles per 1 square meter, Esve Group and IBC Real Estate calculated (Izvestia has it). At the same time, rent in prestigious buildings is already approaching 75 thousand rubles per square meter per year. As a result, businesses have to reduce space, transfer employees to a hybrid format, and raise prices for goods and services. The areas of IT, finance, retail and catering are experiencing the strongest cost increases. How the office crisis affects the wallets of Russians — in the material of Izvestia.
Why offices are becoming more expensive at a record pace
In the first quarter of 2026, the average price of offices in Class A and B+ business centers under construction in Moscow was 497 thousand rubles per square meter. m is 10% higher than a year earlier, Esve Group and IBC Real Estate calculated. Class A includes the most modern and expensive offices, while Class B+ includes more affordable but also high—quality facilities.
Analysts recorded the most noticeable price increase in the area between the Garden Ring and the TTK. There, the average cost of a "square" increased by 36% over the year to 613 thousand. Such a jump is due to a lack of supply while maintaining high demand, analysts said.
The cost of offices under construction is now growing by 15-20% per year on average, and over the entire period of the project implementation it may increase by 40-45%, said Evgeny Mezhevikin, Marketing Director of October Group. According to him, most of the transactions are carried out by investors who buy premises for renting or saving capital. Another third goes to companies that purchase space for themselves.
The main reason for the rise in price is the increase in construction costs, explained Andrey Kulagin, co—founder and managing director of Manufaqtury. According to him, the costs of design, facades, engineering systems, equipment, decoration, labor and loans have increased in recent years.
As a result, in the first quarter, the construction of a class A office building cost about 380 thousand rubles per 1 square meter of usable space, the expert noted. Because of this, developers can no longer launch new projects at the same prices.
The increase in the cost of offices is also associated with a reduction in supply, says Nikita Bakhcheev, Managing Partner of Promplan Group. According to him, some of the old administrative buildings in Moscow are being rebuilt for housing and multifunctional complexes. Because of this, there are fewer office spaces, and sales and rental prices continue to rise.
Large companies are trying to resolve the issue of space in advance, Andrey Kulagin added. Businesses see an increase in rents and a shortage of large offices, so buying premises during the construction phase becomes a way to secure the necessary locations.
How office prices affect rental rates
Rising office prices are also pushing up rental rates, said Andrey Kulagin from Manufaqtury. According to him, the owners of expensive premises expect to recoup their investments, so they expect higher returns. But this only works in high-quality facilities where tenants are willing to pay for the building level and location. In less sought-after business centers, owners will either have to lower their profitability expectations or invest in the facility additionally.
The average office rental rates for the first quarter have already reached 36 thousand rubles per 1 sq.m. m per year, and in the Prime segment they approached 75 thousand, said Valery Tumin, director of the Russian and CIS markets at Pham Properties, citing data from CMWP and NF Group. According to him, the growth is supported by a shortage of high-quality areas with high demand. This trend will continue in 2027, as there are still not enough vacant offices in key business districts.
The share of vacant rooms in classes Prime, A and B is now only 5.3%, added Daniil Gonenko, Associate Professor of Economics and Finance of the Public Sector at the Presidential Academy. In his opinion, rent will grow faster than the market in the most sought-after business locations.
Which companies find it more difficult to rent an office
Office rentals now account for 10 to 30% of business operating expenses, depending on the area, estimated Valery Tumin. According to him, the biggest increase in rates is hitting IT companies, small banks, fintech, retail and catering.
For small and medium-sized businesses in the service sector, office expenses can reach 15-20% of monthly revenue, so even a moderate increase in rates becomes a serious burden, Nikita Bakhcheev added.
Consulting and law firms, IT integrators, a part of financial services, educational and creative projects are also under pressure, Daniil Gonenko noted. According to him, for such industries, the office is an important part of the workflow, so it is difficult to reduce these costs, and it is rarely possible to transfer people remotely.
Due to the growth of rent, businesses have to review costs, explained Mikhail Makushin, a researcher at the IPEI RANHiGS. Companies are reducing their occupied areas, transferring employees to a hybrid format, or moving to cheaper areas. It is especially difficult for small businesses and non-profit organizations, where rent can take up to 40% of all costs.
How expensive rentals affect consumers
The increase in rental rates is gradually reflected in prices for consumers, as businesses shift part of the costs to customers, said Valery Tumin. According to him, in areas with a high share of rental costs — IT, finance, retail and catering — prices for goods and services have already increased by about 10%. Further rise in office prices will support this trend.
Inflation in the service sector has been accelerating in Moscow for several months, and office rentals have become one of the important cost growth factors along with salaries, utility bills and logistics, Daniil Gonenko added. According to him, the pressure on prices will continue until the shortage of high-quality offices in popular business districts disappears in the market.
At the same time, office real estate prices are now growing 2-4 percentage points faster than inflation in the service sector, Mikhail Makushin noted. According to Rosstat, in April, the cost of services in the capital increased by almost 1%, while for other categories of goods there was a decrease or a near-zero shift.
However, a sharp jump in prices for consumers should not be expected, says Nikita Bakhcheev from Promplan Group of Companies. According to him, in most lease agreements, the increase in rates is limited to 10% per year. The biggest cost increases are felt by small and medium-sized service companies, which are faster than others to shift additional costs to customers.
The Central Bank told Izvestia that rental costs usually rise along with business revenue, so the regulator does not see a separate inflationary risk due to higher rates for retail chains.
What will happen to the office market by the end of 2026
The upward trend in prices in the Class A office segment will continue, although the pace may slow down, according to Evgeny Mezhevikin from October Group. There are no prerequisites for reducing the cost on the market right now, agrees Tatiana Grikhno, head of office real estate at A101 Group of Companies. According to her, over the past five years, the cost of construction has increased significantly and investors will be able to recoup these costs only in the long term.
Forma expects more restrained dynamics. As explained in the developer's press service, average prices may stabilize or grow more slowly due to the emergence of more affordable projects in new areas. Currently, the highest rates still remain in established business locations, but growth is not as fast as before.
At the same time, new business clusters continue to form in Moscow, where in the coming years it will be possible to find offices at more comfortable prices. Among such areas, Forma named Pokrovskoye-Streshnevo, Kaluzhsky cluster and Ochakovo-Mnevniki.
In general, analysts agree that both the purchase and rental of office real estate in Moscow will continue to rise in price at least until the end of 2026. In these circumstances, companies will either have to reduce costs or transfer part of the costs to prices for customers. This is especially noticeable in the service sector, the banking sector and retail.
Переведено сервисом «Яндекс Переводчик»
