Moscow to Triple Office Construction Volume

In 2026–2030, Moscow plans to build 7.3 million sq. m of Prime, Class A and Class B+ office space. The announced volume is almost three times higher than in the previous five-year period. According to CORE.XP analysts, not all projects will be completed on schedule, meaning actual deliveries will be lower.

Moscow Office Market: Supply Expands

Around 2.5 million sq. m of office space was delivered in Moscow in 2021–2025. Average annual new supply stood at 505,000 sq. m, reaching 717,000 sq. m in 2025. At the same time, the vacancy rate fell to a historic low of 3.5%, while rents increased by 40%, outpacing inflation for the first time.

As of the end of Q2 2026, Moscow's office market in the Prime, Class A, B+ and B- segments totaled 19.9 million sq. m. The vacancy rate rose to 7%. During the first half of the year, 585,000 sq. m of office space was delivered, while demand for both leasing and purchases reached 523,000 sq. m. The increase in vacancy was driven by the arrival of new business centers on the market.

Developers have announced 7.3 million sq. m of new office space for 2026–2030. Based on current plans, average annual deliveries could reach around 1.5 million sq. m — almost three times the previous period's figure. Developer activity is supported by the continuing shortage of high-quality space, rising rents and government development programs.

Government Programs Are Bringing Offices to New Districts

Government programs are having a significant impact on the location of commercial real estate. Of the 7.3 million sq. m of announced construction, 3.8 million sq. m is accounted for by projects developed under programs for creating jobs, large-scale investment projects and integrated territorial development (KRT). Another 3.5 million sq. m is being developed without these mechanisms.

The job-creation and KRT programs are encouraging the development of commercial real estate near residential neighborhoods and in areas where office construction was previously limited. New projects are emerging not only in established business clusters but also in locations such as Severnaya Rechka Port, Tulskaya, Khoroshyovo-Mnyovniki, Ochakovo-Matveyevskoye and Volokolamskoye Highway.

Projects without government support remain concentrated mainly in established business districts and adjacent areas.

The largest volume of announced construction is concentrated in Bolshoy City, excluding Moscow City. Major project portfolios are also located in the Belorussko-Savyolovsky district, western Moscow between the Third Ring Road and the Moscow Ring Road, Moscow City, northern Moscow and Rublyovo-Arkhangelskoye.

The influence of job-creation and KRT programs on the location of office properties is expected to continue. CORE.XP identifies Yuzhny Port, Magistralnye Streets and Kommunarka as promising areas. Around 448,000 sq. m of future construction in Kommunarka is planned under the KRT program.

Moscow's Largest Office Developers

Eight major developers account for more than half of the total announced volume of new office construction. Stone has the largest portfolio, with 22 buildings totaling 758,000 sq. m. MR Group ranks second with 12 projects and 717,000 sq. m, followed by Novaya Era, with eight projects totaling 698,000 sq. m.

SberCity's portfolio includes seven buildings with a total area of 442,000 sq. m. FORMA has announced 13 projects totaling 341,000 sq. m, while GRANARD has six projects totaling 310,000 sq. m. Donstroy plans to build three office properties totaling 291,000 sq. m, while Strana Development has four projects totaling 227,000 sq. m.

Stone and MR Group are primarily developing projects in established business clusters, including the Belorussko-Savyolovsky district, Bolshoy City and western Moscow between the Third Ring Road and the Moscow Ring Road. Developers traditionally focused on residential projects, including FORMA, Donstroy and GRANARD, are more actively using job-creation and KRT programs to enter areas where the office market is still relatively underdeveloped.

More Than 60% of the Space Has Yet to Be Realized

As of the first half of 2026, 62% of the announced office construction volume, or 4.5 million sq. m, had not yet been sold or leased. The remaining 2.8 million sq. m had already been sold or leased or was being developed for specific clients.

The largest volume of available space is concentrated in the Belorussko-Savyolovsky district, with 623,000 sq. m. Western Moscow between the Third Ring Road and the Moscow Ring Road has 597,000 sq. m of available space, Bolshoy City excluding Moscow City has 575,000 sq. m, and Moscow City has 502,000 sq. m.

The degree of project realization varies significantly by location. In Rublyovo-Arkhangelskoye, for example, 154,000 sq. m of the announced 514,000 sq. m remains available. The situation is the opposite in northern Moscow between the Third Ring Road and the Moscow Ring Road, where 483,000 sq. m of the 517,000 sq. m planned remains available.

Moscow Developers Favor Office Sales

Sales remain the main strategy for new office projects in Moscow. They account for 53% of the announced volume, or around 3.9 million sq. m. Most of this space — 2.8 million sq. m — will be offered as individual blocks or floors, while another 1 million sq. m will be marketed as entire buildings.

CORE.XP links this model to high borrowing costs and rising construction costs. With financing remaining expensive, leasing projects provide developers with less attractive returns.

Only 8% of future office space, or 555,000 sq. m, is planned exclusively for lease. Another 1.1 million sq. m is being developed for specific clients. The sales strategy for 1.4 million sq. m has not yet been determined, while around 300,000 sq. m could be offered either for lease or purchase.

Selling smaller units lowers the entry cost for buyers and broadens the potential buyer pool. However, this model also increases the number of owners within a single business center, complicates property management and reduces the amount of space available to large corporate tenants.

Actual Deliveries May Fall Short of Plans

Around 5.6 million sq. m of new office space could be delivered in Moscow by 2030 — 1.7 million sq. m below the announced volume. The main reason is the low level of readiness of a significant share of projects: almost half of the planned developments are still at the design stage.

Another 3.1 million sq. m is under construction, while 600,000 sq. m has already been completed and has received commissioning permits. Office construction in Moscow takes an average of three to four years, meaning that delays could significantly affect the final volume of new supply.

CORE.XP estimates that the completion dates for around 30% of announced projects could be postponed. The most significant adjustments are expected in 2027–2029: the forecast for deliveries in those years is 704,000 sq. m, 1.102 million sq. m and 1.327 million sq. m, respectively. Developers had initially announced 1.114 million, 1.603 million and 2.028 million sq. m. For 2030, however, analysts expect deliveries to reach 1.369 million sq. m, compared with the initially announced 1.162 million sq. m.

What Will Determine the Success of Office Projects

Participation in government programs alone does not guarantee commercial success. According to CORE.XP, the strongest prospects belong to projects that strengthen established business areas while offering convenient metro access, quality infrastructure and modern layouts. For new office districts, the key challenge will be building sustainable demand.

International Investment analysts note that the expansion of supply will lead to greater market differentiation. Properties in sought-after business locations may retain high liquidity, while projects in areas where office demand has yet to develop will be more dependent on the pace of territorial development.

Overall, the outlook for the office segment remains positive, although future growth is likely to be less uniform. The geopolitical situation and related risks remain an additional factor of uncertainty for investment in Moscow real estate.