Last year was quite an active year compared to 2020, but at the same time, there is no need to talk about any strongly positive trends. Rates are going down more and more, vacancy is growing, and the investment attractiveness of office real estate has completely fallen.
Office rent
- Decrease in rental rates for premises in business centers of various quality classes ( -15%)
- Growth of vacancy in Minsk business centers by 35% compared to the beginning of 2021 (growth by about 50 thousand sq. m.)
- Significant decline in demand among IT tenants.
- Relocation of many large companies due to the unstable economic and political situation in the country.
- The unwillingness of tenants to make repairs at their own expense and, in general, now they rarely consider premises without basic finishing.
- Gradual recovery in demand compared to 2020. However, today’s demand is still significantly inferior to the demand observed in 2019.