Moscow's office supply is set to expand by one million m[sup]2[/sup] in the course of 2007, bringing total available space to 7.5 million m2, according to researchers at CB Richard Ellis/Noble Gibbons. Demand for office space in the Russian capital remains strong, with new lettings reaching 480,000 m[sup]2[/sup] in the first quarter, of which pre-lettings accounted for one third.

Moscow's office supply is set to expand by one million m2 in the course of 2007, bringing total available space to 7.5 million m2, according to researchers at CB Richard Ellis/Noble Gibbons. Demand for office space in the Russian capital remains strong, with new lettings reaching 480,000 m2 in the first quarter, of which pre-lettings accounted for one third.

CBRE/Noble Gibbons expects total office turnover in the Moscow region to reach over 1.5 million m2 for the whole of 2007. The vacancy rate for modern, Class A space currently stands at 0.5%. Prices and vacancy rates are expected to stablise during the course of the year as new completions take some pressure off the market.