Moscow City, the capital's largest business district, is virtually devoid of vacant office space. In February 2020, the vacancy rate dropped to 8.6%. Such a low figure has not been seen in the Moscow International Business Center, whose entire portfolio was valued at 701 billion rubles in November 2019, for the past 10 years.<br />
Nevertheless, new properties are expected to enter the market in the coming years. Therefore, supply is expected to increase by 33% by 2024, as approximately 400,000 square meters are expected to be completed by that time. However, analysts predict a further decline in office vacancies, despite the new properties entering the market. They forecast their share to reach 6.2% by that time.<br />
This is explained by the fact that a significant portion of the future office space will be sold out even before it is commissioned: it will be taken over by buyers and tenants at various stages of construction.<br />
In a few years, the One Tower project will be completed in Moscow City. The tower will reach 430 meters, making it not only the tallest building in Moscow but also the tallest residential building in Europe. In terms of height, the building will be second only to the Lakhta Center in St. Petersburg.<br />
