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Kiev, 27 December, 2013 – Jones Lang LaSalle’ experts have done a new research on the quality office market in Kiev. According to Jones Lang LaSalle, the current office market in Kiev is estimated at approx. 1.65m sq m of total space, including 118,600 sq m delivered in 2013, which turned to be the lowest result for the last five years.
During 2013, two new Class A objects (Merks Business Centre, phase II, with the GLA of 15,500 sq m, Senator Business Centre with GLA of 47,000 sq m) as well as three Class B objects (SP Hall Business Centre, with the GLA of 23,000 sq m, Silver Breeze Business Centre, with the GLA of 28,600 sq m, and Vector Business Centre, with the GLA of 4,500 sq m) entered the market. These business centers were brought to the market during the first three quarters of 2013, while in Q4, traditionally the most active period of the year, no new projects were commissioned.
As a result, the volume of completion in 2013 is expected to be 25% lower compare to the average annual level seen in 2011-2012 in Kiev, which is close to 160-165,000 sq m of quality office space.
Even smaller amount of new office space is expected to enter the market in 2014. According to Jones Lang LaSalle preliminary estimates, in 2014 the office market is going to increase by only 108,000 sq m. Among the largest projects announced for the next year are IQ Business Centre (Class A, 25,900 sq m) and Sigma Business Centre (Class B, 18,000 sq m).
Quality office supply dynamics in Kiev Source: Jones Lang LaSalle
Natalia Kopeychenko, Head of PR
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