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Office market overview | 2020

1.

Updated: February 14, 2021

In 2020, the weighted average rent declined in unclassified business centres by 3%, amounting to USD 13.9 per sq m. The figure decreased by 3% in class B and by 1% in class A business centres.

A 1 % increase has been observed in class C business centres equalling to USD 11.4 per sq m.

Weighted Average Rent in Modern Business Centres by Class (USD, sqm, net of VAT), 2019-2020
2019
2020

2.

Updated: February 14, 2021

As of 2020, the vacancy rate in all class business centres has grown. A significant increase has seen in class A and unclassified business centres. The figure has grown by 22 and 10 percentage points. Class A remains with the highest vacancy rate at 47%, followed by class C at 24%, unclassified at 16% and class B at 14%. The overall vacancy rate of modern business centres accounted for 24%, increasing by 10 percentage points when compared to 2019.

Vacancy Rate in Modern Business Centres by Class (%), 2019-2020
2019
2020

3.

Updated: February 14, 2021

The weighted average rent of contracts signed during the pandemic is 15% lower than the weighted average rent in 2019. The figure is 7% and 19% higher in class A and class C business centres amounting to USD 24.1 and USD 13.4 per sq m. While the weighted average rent of new/renewal contracts has decreased in class B and unclassified business centres by 4% and 12%, respectively.

The weighted average rent of new/renewal contracts in 2020 vs. the weighted average rent in 2019.
2019
2020