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Supply
Class A and B offices, newly built or reconstructed in 3QU 2007, amounted to approximately 55 000 sq. m. Thus, the total office space in class A and B business centres as at the end of September 2007 is estimated at 535 000 sq. m.
Table 1. Business Centres Opened in 3QU 2007 (with floor space of more than 3 000 sq. m.)
| | Name | Address | Class | Office Space, sq.m. | Asking rents $/sq. m. per year incl. OPEX, net of VAT |
| 1 | Zinger House | 28 Nevsky Pr. | А | 4 200 | 1020 |
| 2 | Senator | 31 18th Line V. O. | B | 25 000 | 503 |
| 3 | Renaissance Centre | 26 Shatelena Ul. | В | 8 000 | 360 |
| 4 | Imperial | 48 Stachek Pr. | В | 5 000 (1st phase) | 406 |
| 5 | Gapsal | 1 Gapsalskaya Ul. | В | 4 000 | 318 |
| 6 | No name | Khersonskaya Ul. /Ispolkomskaya Ul. | В | 3 750 | 526 |
| 7 | Kondratievsky | 15/3 Kondratievsky Pr. | В | 3 500 (2nd phase) | 340 |
Chart 1. Distribution of Existing Business Centre Space by Class (as at End of September 2007)
Source: Colliers International
Chart 2. Increase in Class A and B Office Space, Break Down by Quarters of 2007
Source: Colliers International
Chart 3. Distribution of Existing Business Centre Space by District, %
Source: Colliers International
Chart 4. Distribution of Business Centre Space under Construction by District, %
Source: Colliers International
Table 2. Business Centres Scheduled to be Opened in 4QU 2007 (with floor space of more than 3 000 sq. m.)
| | Name | Address | Class | Office Space sq. m |
| 1 | Renaissance Plaza | 69-71 Marata Ul. | А | 28 852 |
| 2 | Corpus Benois | 44A Sverdlovskaya Nab. | А | 14 500 |
| 3 | 5 Ilyushina Ul. | 5 Ilyushina Ul. | А | 10 400 |
| 4 | Veda House | 20 Petrogradskaya Nab. | А | 8 000 | |
| 5 | Sovereign | 22 Maly Pr. V.O. | А | 6 000 |
| 6 | Austrian Business Centre | 9 Pirogovskaya Nab. | А | 4 034 |
| 7 | Obukhov-centre | 271 A Obukhovskoy Oborony Pr. | B | 24 000 |
| 8 | Leader | Pl. Konstitutsii | B | 21 000 |
| 9 | Gavan | 88 Sredny Pr. V.O. | В | 18 750 |
| 10 | Sodruzhestvo | 33 Kolomyazhsky Pr. | В | 12 000 (2nd phase) |
| 11 | Avenue | 7 Aptekarskaya Nab. | В | 11 400 |
| 12 | Imperial | 48 Stachek Pr. | В | 11 000 (2nd phase) |
| 13 | Vyborgskaya Zastava | 68 Bolshoy Sampsonievsky Pr. | В | 8 500 |
| 14 | Novovladimirsky | 14 Socialisticheskaya Ul. | В | 8 000 |
| 15 | 4 Shaumyana Pr. | 4 Shaumyana Pr. | В | 8 000 |
| 16 | 16 Dobrolyubova Pr. | 16 Dobrolyubova Pr. | В | 7 000 |
| 17 | 266 Ligovsky Pr. | 266 Ligovsky Pr. | В | 6 500 (1st phase) |
| 18 | Treugolnik | 138 Obvodny Kanal | В | 6 155 (2nd phase) |
| 19 | Maxima | 6 Tobolskaya Ul. | В | 5 258 |
| 20 | 51 Marata Ul. / 32 Razezzhaya Ul. | 51 Marata Ul. / 32 Razezzhaya Ul. | В | 5 000 |
| 21 | Status | 150 Ligovsky Pr. | В | 5 000 |
| 22 | Griffon House | 19-21 Dostoevskogo Ul. | В | 4 500 (2nd phase) |
| 23 | 76 9th Line V.O. | 76 9th Line V.O. | В | 4 000 |
| 24 | 51/50 Maly Pr. V.O. | 51/50 B Maly Pr. V.O. | В | 3 450 |
Source: Colliers International
All in all, by the end of 2007 more than 240 000 sq. m. of new class A and B offices are expected.
Rental Rates
Asking rents for class A offices are in the range of $500-1020 per sq. m. per year (including OPEX, without VAT). Asking rents for class B offices range from $300 to $580 per sq. m. per year (including OPEX, without VAT).
Significant Events
- The Government of the City of St. Petersburg took a decision to transfer, on investment terms, two land plots with a total area of 2.1 ha on Malookhtinsky Prospect to the company Setl City and Bank Saint Petersburg for construction of a group of community and business buildings. On a territory of 2.6 ha Setl City and the bank plan to implement a class A business quarters project with a total floor space of approximately 150 000 sq. m.
- The Embankment of Europe project invested by VTB Petersburg Company was officially launched. In September 2007, the Russian Government approved of the new investment terms for development of a site on the Malaya Neva embankment occupied by the State University of Applied Chemistry. The cost of construction works is estimated at approximately $1 billion.
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