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Results of 2022 in the office segment: the vacancy has increased by 2 times

8 February 2023, 17:24
Maris analysts summed up the results of the year in the office real estate segment. By the end of 2022, Maris became the leader in terms of transactions in the office segment of St. Petersburg, the share of lease transactions was 74% (39,700 sqm) among large consultants.


According to Maris analysts, the gross leasable area of Class A and B office centers in St. Petersburg at the end of the year is 4.05 million sqm. Among these, the area of Class A business centers is 1.36 million square meters, Class B - 2.7 million square meters.

In 2022, ten office centers were brought to the market with a total leasable area of more than 158 thousand sqm. At the beginning of 2022, the volume of commissioning of speculative projects was projected at around 276 thousand sqm. Thus, by the end of the year, the actual increase in speculative supply was 43% lower than predicted. The commissioning of ten projects was postponed to 2023. The implementation of two projects has been suspended indefinitely.

The most significant event on the market was the commissioning of the Nevskaya Ratusha MFC, which was leased by a monoresident even before the commissioning of the facility (GLA = 47,022 sqm).

For 2023, developers have announced the commissioning of about 145 thousand square meters of office real estate (leasable area). In the speculative segment, an increase of about 129 thousand square meters is expected (-18% by 2022).

Office centers planned for commissioning in 2023




leasehold area, sqm

Moiseenko 22

Moiseenko str., 22, lit. O




25 line V.O., 6, building 1, lit. B




76 Polyustrovsky Ave., lit. A




Millionnaya str., 6




Medikov Ave., 7 lit. Zh




The volume of office space rental transactions in Class A and B business centers in 2022, according to Maris analysts, amounted to 293 thousand sqm (+16.2% by 2021).

In 2022, almost half of the gross market demand was generated by oil and gas companies (44%). The IT sector has reduced the volume of office space absorption in the St. Petersburg market (-40% in absolute terms).

There was a high level of activity in renting office space from natural monopolies and the state sector of the economy.

Construction companies expanded their presence in the market. A stable volume of demand was observed in the sectors of trade and manufacturing enterprises, logistics companies, services for business and the public.

Examples of large office lease transactions in 2022


Leased area,SQM

Office center


Gazprom structures *


Nevskaya Ratusha


Gazprom GNP Holding LLC




Структуры Газпрома *






Premier Liga


Gazprom structures *


Light House


*Maris deal

Source: Maris

In 2022, there was an increase in demand for office space in Class A business centers (the volume of leased space increased 2.4 times compared to 2021) and, conversely, a decrease in the absorption of office space in Class B centers (-19.1%). The ratio of classes in the gross volume of demand in the market has returned to the pre-pandemic values.


In 2022, the gross volume of vacant space on the market in absolute terms doubled. The average vacancy rate in Class A and B business centers was 11.2% by the end of 2022 (+5.5% by Q4 2021). At the end of December, about 454 thousand sqm of office space in Class A and B business centers were on display on the market.

The increase in the volume of vacant space was due to the withdrawal of foreign companies from the market, as well as an increase in speculative supply. The pent-up demand accumulated in previous years became a significant support to the market, absorbing part of the released space, and ensured the stability of price indicators.

11.5% of the space is vacant in Class A office centers (+6.8 percentage points by Q4 2021). In Class B, 11.0% of the space remained vacant (+4.8 percentage points to the vacancy level at the end of Q4 2021).

Rental rates

The weighted average requested rental rate for vacant space in Class A buildings at the end of 2022 is 2,080 rubles per sq. m. m per month, in Class B buildings – 1,400 rubles per sqm per month, including VAT and operating expenses. Compared with similar indicators at the end of 2021, the requested rental rates in Class A business centers decreased by -2.8%, in Class B there was a positive correction of +0.7%.

In 2022, there was an unprecedented increase in the activity of both investors and end users in the office real estate purchase and sale market. In 2022, more than 150 thousand square meters of high-quality office space were sold on the market for an amount exceeding 17 billion rubles. Thus, 2022 broke the previous investment record of 2017.

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Since 2011, Maris has been an absolute leader among brokerage companies in terms of contracted office premises in St. Petersburg.