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Moscow Office Vacancy Drops to 15%

MOSCOW-There’s been a sudden increase in demand from both state and private entities in Russia and abroad, according to Jones Lang LaSalle research.

By Allan Saunderson | Updated on September 13, 2010

MOSCOW-Vacancy rates in Moscow’s office sector dropped to 15% in second quarter 2010 from 19.6% in the fourth quarter 2009, buoyed by demand for quality space, Jones Lang LaSalle reports.

JLL board member Andrey Postnikov said he believes the decline could signal a stronger market. “After 2010, we expect the supply pipeline to slow considerably, while absorption will continue to grow. We expect a slight correction with vacancy rates edging towards 15.5%-16% over the next two quarters, but after that the figures will decrease,” he said.

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