Around 15 major co-working projects totalling 46,000 m2 are due to open in Moscow in 2019, up 42% year-on-year, according to new data from real estate services company Colliers.
The advisory firm said that some 32,400 m2 of flexible space was delivered in 2018, showing that the sector's growth is gathering pace. Only 24,730 m2 of new co-working space was delivered to the market in 2017.
'The rising number of co-working projects, their larger space, growing workplace rents, the transformation in co-working space zoning – all of these factors indicate that the agile space segment is undergoing rapid expansion in the Moscow office market,' said Francois Nonnenmacher, director of tenant agency at Colliers International.
'The number of large co-working projects capable of accommodating big clients is limited, which is clear evidence that quality supply in this segment has not been formed yet,' Nonnenmacher added. 'Some co-working operators offer turnkey solutions to large corporations, which are less expensive compared to traditional office space lease. With low vacancy rates, corporations are averse to assuming the risks typical of a long-term lease. However, the widespread development of co-working space is already jeopardising traditional office markets in many capitals around the world.'
Co-working office space tends to be most popular among marketing analysts (32%), advertising workers and designers (24%) as well as IT specialists, according to Colliers research.
Moscow appetite
Colliers' survey of the Moscow market found that the maojrity of co-working customers come from the marketing segment (32%), around 24% represent design and advertising, and 15% are involved in manufacturing industries. Most respondents would prefer to have a co-working office on the Garden Ring road (35%), 21% of respondents would prefer Southwest Moscow, 10% would like co-working space in Moscow City and 9% would like close proximity to the MCC metro line.
The average cost of a stationary workplace in typical co-working projects is RUB 14,840 (€200) per month, the average cost of office access without a stationary workplace is RUB 15,000 rubles a month, while a workplace in an open office costs RUB 25-30,000 rubles a month, and you’d have to stump up RUB 40,000 a month for a closed office.
At the end of 2018, flexible space in Moscow - including typical co-working offices - could be found in 125 locations totaling about 100,000 m2; almost 80% is accommodated in Class A and B offices.
